data

Oct
26

Data Republic launches world first technology for privacy-preserving data matching

Data Republic, Australia’s leading data sharing governance platform, today announced the launch of Senate Matching, a new de-identification and privacy-preserving data matching feature for users of Data Republic’s Senate platform. In today’s digital environment, data matching is the engine which drives everything from loyalty programs, to credit scores, fraud prevention and providing online customer service. When organisations prepare datasets to perform matching, customer personally identifiable information (PII) can be put at risk of being lost or stolen through common hashing and encryption methods which rely on some form of PII being present or referenced. Data Republic’s Senate Matching technology revolutionises customer privacy protections when matching data by providing a more […]

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Oct
05

What is open banking and how will it affect you?

Open banking is being phased in from July 2019, making it easier for you to switch banks and get a better deal. It could even result in fintechs being a more viable option for you over a traditional bank. But what is open banking exactly, how much control will it give you over your own data, and what are banks doing about potential privacy issues? What is open banking? You might not be familiar with the terms ‘open data’ or ‘open banking’. They relate to another concept most Australians might not have heard of – the Consumer Data Right. The issue of who owns a consumer’s data – the consumer […]

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OpenMarkets announces agreement with Agility Applications to support growth agenda

Digital trading platform OpenMarkets has announced an agreement with Agility Applications to provide a suite of technology solutions and services centred around comprehensive data management infrastructure, APIs and middleware. Agility, which is part of the HUB24 group, provides a broad range of market-leading data integration, technology solutions and delivery services to brokers and wealth management platforms. The services will expand the OpenMarkets offer by providing customer record and transaction data management capabilities, data gateways, adviser tools and dashboards, operational services, web services and reporting. OpenMarkets CEO Mr Andrea Marani says the agreement with Agility is a “fantastic opportunity” to improve and expand client services. “Agility has established a solid reputation […]

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Sep
24

Open banking: risk and opportunity

The imminent open banking scheme presents huge opportunities for Australian FinTechs, but comes with some very real risks, SocietyOne chief executive Mark Jones said. The peer-to-peer lender recently hit $500 million in lending, a record for an Australian company, and with open banking, a comprehensive credit reporting scheme and the Royal Commission driving customers away from the big banks, the future looks bright for the local FinTech sector. The open banking scheme starts from July next year, with the big four banks required to provide customer data on request to data recipients – largely FinTech companies such as SocietyOne, but also between each other. While this provides big opportunities to […]

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Sep
18

Policies to build a data economy

Australia has a rare opportunity to capture a disproportionately large proportion of emerging data economy, according to Reinventure Group co-founder and managing director Danny Gilligan. But the effort is going to take a top-down, nationally coordinated policy effort to build competitive and exportable regulatory frameworks for data. Mr Gilligan holds deeply the belief that data is the single biggest lever for delivering microeconomic and social reform in the next two decades and should be made a material part of policy development and trade considerations at all levels of thinking across both government and the private sector. The potential size of the global data economy is difficult to quantify. There is […]

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Sep
17

Basiq and Verrency enable banks to drastically improve the quality of their data

Basiq and Verrency have joined forces to enable banks to store clean, categorised and enhanced transaction data – in real-time, at point of purchase. This will uncover new opportunities for banks to offer their customers innovative, and personalised products and experiences. We are all aware of how ‘unclear’ transaction data can be. Think of how often customers call banks with queries – they have no idea what an item on their credit card statement called ‘HT Willis Brook’ is. You may have heard the term ‘garbage in – garbage out’. If a bank stores unclear transaction data when a customer makes a purchase, this data is then passed downstream to […]

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Sep
13

ACCC wants fintechs to improve data standards

The competition regulator wants fintechs receiving bank data under the government’s data porting regime to face tough penalties if they fail to meet stricter privacy standards that will be introduced to protect customers. Releasing a framework for rules to govern the new “consumer data right” (CDR) – which will begin with bank data and then be extended to telecommunications and utilities – the Australian Competition and Consumer Commission said its accreditation regime would require data recipients to be “fit and proper”, have “effective” risk systems to protect information and privacy, and to take out insurance to cover potential data breaches. Suggesting it will adopt a tougher approach towards open banking […]

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Aug
21

Banks and fintechs lock horns on consumer data

If you’re interested in the design of policy to put data into the hands of customers, there’s three weeks to provide Treasury with a response to its draft bill that will introduce a “consumer data right” into the Australian economy. Banking will be the first sector to which the new right will apply – and fintech innovation is set to proliferate as a result. It will then extend to energy and telecommunications, meaning the law will stir competitive forces across some of the most important industries in the country. The Treasury Laws Amendment (Consumer Data Right) Bill 2018, released for comment last week, is being closely scrutinised by banks, fintechs […]

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