Fat Zebra Acquires Adatree to Strengthen Australian Financial Services
Fat Zebra, an established provider of eCommerce payment services in Australia, has recently acquired Adatree, a move aimed at enhancing the country's financial infrastructure through the promotion of Open Banking and the integration of data-driven solutions. Fat Zebra processes payments for more than 30,000 merchants and oversees in excess of 250 million transactions each year. The acquisition is seen as a strategic step towards leveraging Adatree's extensive connectivity with Consumer Data Right (CDR) data sources across Australia, which encompasses 99.73% of the household banking market.
This partnership is expected to contribute significantly to the sectors of smart payment solutions and action initiation services. Action Initiation is a forthcoming feature under the CDR that will allow businesses to undertake specific actions like payments and account management for consumers, enhancing the utility and convenience of data services for the public.
The announcement aligns with the recent launch of Open Energy in November 2023, bringing together 20 Australian energy companies. This initiative seeks to broaden the application of data-driven solutions to the energy sector, thereby offering consumers more control and better options for managing their energy consumption.
Adatree will continue to operate as usual without any immediate changes for its customers, maintaining its current team. The companies have indicated plans for a future product roadmap that will explore new developments in the fields of payments and data services. Fat Zebra's platform is recognized for its reliability, boasting high approval rates, exceptional uptime, and robust security features, including fraud protection and secure customer authentication.
The acquisition by Fat Zebra intends to reinforce the financial services sector in Australia, facilitating advancements in technology and service offerings that respond to the evolving needs of consumers and businesses alike.