Australian bank Westpac is making use of its investment in New South Wales-based data exchange platform DataRepublic, with the launch of a new service allowing corporate clients to store and exchange anonymised customer data.
Westpac is partnering with the startup to launch Databank, a platform to enable clients to store and exchange customer information on Westpac’s bank-grade security infrastructure, with DataRepublic handling clients’ transactional data.
Westpac invested in DatatRepublic’s $7.58m Series A round through its ReInventure venture arm in May. It joined NAB Ventures and Qantas Loyalty, which co-led the investment.
DataRepublic’s platform reduces risk for firms sharing data by separating and encrypting data sets and protecting consumers’ identities.
Westpac says that with sharing of customers’ data between corporations now commonplace there is a need for greater levels of security, which the financial industry can provide.
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