Westpac launches Westpac Databank
Westpac has announced the launch of Databank, a world first solution for the secure banking of customer personal information (PII).
Working in partnership with Data Republic, Westpac’s Databank enables organisations to store their customer identity data, in the knowledge that this data will never leave the bank, even during multi-party data shares. This significantly reduces the risk of identity theft, customer data breaches, or security, privacy and consent issues that can occur with identity data storage and sharing.
Data Republic CEO, Paul McCarney has issued the following statement:
“Westpac’s Databank provides a cornerstone of customer privacy and security in Data Republic’s offering. It enables all of our partners to operate with security and privacy best practice. Banking data in this way is a world first.
We entrust banks with our money because they have the highest grade security infrastructure. Given money is data until it gets to our wallet, it’s logical that having entrusted banks with their money, both individuals and companies should look to bank-grade security infrastructure for the storage of their personal information (P.I). Deloitte’s recent Trust Without Borders Report found that people trust banks more than any other business when it comes to protecting their personal details.
Westpac’s Databank removes risks for consumers by separating, encrypting and storing customer identities away from attribute related data sets. It’s principally a consumer protection measure because it reduces re-identification risks for companies engaging in customer data management and exchange.
As we see an increase in open data policies from governments around the world, including our own here in Australia, it’s important that infrastructure is being built to support data innovation in a way which protects the consumer.
Databank’s partnership with Data Republic has allowed us to build data exchange infrastructure which is ‘private by design’, adhering to OAIC consumer privacy guidelines and providing all participants with the ability to regulate and audit data exchanges to ensure they are sensitive to what is reasonably expected of the consumer.
Our partnership with Westpac’s Databank removes existing risk from the market, providing the secure infrastructure for ethical and privacy compliant data exchange between companies, government departments and not-for-profits.
See Westpac announcement
Originally published on Westpac’s media centre .
Westpac launches Westpac Databank
Westpac today announced the launch of Westpac Databank, a platform that provides secure identity data management for data exchange company, Data Republic. Established in 2014, Data Republic’s technology offers a marketplace for data exchange between organisations who want to enrich their own customer insights.
Westpac’s Databank has been designed so that data is stored in a world-class, bank-grade secure environment, which sits behinds Westpac’s network and infrastructure.
Organisations will be able to store their customer identity data in Databank, in the knowledge that it stays with the Bank, even during multi-party data shares. This significantly reduces the risk of identity theft, customer data breaches, or security, privacy and consent issues that can occur with identity data storage and sharing.
Westpac’s Chief Strategy Officer Gary Thursby said that with data sharing now common practice in Australia and globally, the need for better quality platforms and controls has grown following a number of high-profile security breaches involving some well-known brands.
“Banks have among the safest and most secure systems in the world, and we’re continually evolving our practices to ensure we’re keeping customers’ information and details secure.
‘By launching Databank, we’re giving other organisations a safe and secure place to store their data.
“Databank does not analyse or exchange data. It provides the infrastructure for organisations wishing to adopt best practices and manage identity data risk in one of the safest environments available. These organisations can then assure their customers about the security of their identity data.
Paul McCarney, Co-Founder, and CEO of Data Republic said that the Databank service removed risks for organisations engaging in data sharing by separating, encrypting and storing customer identities away from attribute related data sets, addressing key concerns of both consumers and organisations.
“The launch of Databank represents a world-first in the banking of customer information, no one is storing personal information in this way and together with Data Republic this best-practice security construct removes data exchange risks to the consumer,” McCarney said.
Data Republic and Westpac Databank work in unison, with Data Republic handling client transaction data and Databank managing identity data. This physical separation ensures a bank-grade secure solution for data sharing.
Note to editor:
Databank is a wholly owned and operated subsidiary of Westpac Banking Corporation. Itprovides services to securely store, tokenise and match identity data on behalf of organisations. The Databank platform features a comprehensive range of bank-grade IT systems and processes, governance and access controls to ensure the safekeeping of data.