ANZ takes a big step towards open banking
The Big Four bank has partnered with data sharing startup Data Republic.
ANZ has today announced a strategic investment and partnership with startup Data Republic, giving the bank access to its data sharing platform. Data Republic's platform offers a secure way for organisations to store, categorise and share data and will allow ANZ to share data with trusted third parties.
The announcement is a big step towards data sharing for ANZ and will provide a way for the bank to participate in the open banking regime announced in the 2017 Federal Budget.
“This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance," said ANZ chief data officer Emma Gray.
“Through the cloud-based platform, we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours rather than months."
The announcement is a step forward for the bank and a shift from the mentality of larger banks in general which have been hesitant to move towards sharing data. Macquarie Bank was the first and only large bank to establish its own open banking platform. It announced its first third-party integration with Pocketbook at the end of January 2018. All the Big Four have previously stated they were in favour of open data but all had concerns over security.
Data Republic's sophisticated platform allows data sharing while maintaining strict governance and auditing frameworks.
Data Republic CEO Paul McCarney said the startup was excited to welcome ANZ as a client and investor, and that the bank understands the importance of secured data sharing practises.
“This partnership is about ANZ investing in the right technology to future-proof their data collaboration capabilities and will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the Federal Government’s recently announced Open Banking reforms," he said.
ANZ will start using the Data Republic platform in late March.