Consumer Data Right (CDR) specialist fintech Adatree has unveiled a new anti-fraud account verification and balance check service built on the data sharing scheme’s rails.

The new ‘CDR Insights’ product promises for business users a “secure, real-time method for verifying account ownership and balances”, ensuring bank account ownership can be verified before funds are transferred.

This verification process, Adatree notes, is crucial for transactions like insurance payouts and superannuation withdrawals.

The solution covers individual, joint, and business accounts, boasting direct access to 99.7% of the household banking market in Australia – including 114 banking sources and 22 energy sources.

Adatree chief executive Jill Berry said the new Insights solution “represents a new era in fraud prevention and operational efficiency”.

“Leveraging Open Banking and Open Energy, we’re empowering businesses to protect their customers against mistaken payments or financial scams.”

Adatree confirmed that one state government entity, as yet unnamed, is among the first to adopt the Insights solution.

“Adatree’s Insights product is a game-changer. It boosts security by preventing fraudulent transactions and streamlining verification processes, which means less paperwork and lower costs,” the fintech wrote.

“And since it complies with CDR regulations, you can trust that your data is secure and private. This level of compliance also helps build consumer trust, making financial transactions more transparent and reliable.”