Digi.me fintech collaboration with Mainframe Cloud aims to return personal data to consumers

UK personal data platform digi.me aims to return a wealth of trapped personal data back to consumers through a new partnership with Sydney-based fintech start-up Mainframe Cloud.

Digi.me and Mainframe spied an opportunity to work together on an API that could securely access and enable the download of personal data.

The companies, who were introduced by digi.me’s Australian partner ID Exchange, are working on agreeing a proof of concept with Australian government agencies as a first step to fully exploring the benefits and potential of utilising data streams to drive consumer-centric innovation.

Being able to use verified, authenticated and secured data sets such as proof of earnings, for example, will enable individuals access to wider benefits such as expedited loan approvals.

Digi.me Founder and Executive Chairman Julian Ranger said: “Returning data to individuals to own, control and then share with their consent opens the opportunity for significant innovation across financial, health and other sectors, all whilst ensuring privacy and security of personal data. However, a lot of personal data is stuck in stovepipes today which can’t be readily made available to individuals, especially where older mainframe technology has been used to process that data.

“Mainframe Cloud’s proprietary technology enables straightforward access to that data which would otherwise never be able to be returned to the individual – digi.me’s partnership with Mainframe Cloud will cover opportunities around the globe, and we are looking forward to proving this partnership in Australia.”

Mainframe computers are the foundation of the global economy, with IBM estimating that 70-80% of data world-wide resides or originates on mainframes. They are typically used by Governments, banks, insurance companies, airlines and big retailers.

The complexity and cost of mainframe systems creates huge data bottlenecks and is a significant barrier to digital transformation globally. Mainframe Cloud has been working to break down these barriers and in 2016 won a deal with the Australian Taxation Office to help them address some of these issues.

The ease with which personal transaction data can be accessed provides an excellent opportunity for both digi.me and Mainframe Cloud to demonstrate the combined power of their solutions.

Ben Pearson, Mainframe Cloud’s CEO said: “Mainframe Cloud is excited to be collaborating with digi.me because a lot of personal data around the world is stored on mainframes. Obtaining access to this data is difficult and expensive, and practically impossible as an individual.

“Governments don’t provide this data because of security and cost concerns, but giving individuals the freedom to access their own data is incredibly important. Mainframe Cloud’s technology solves the access issue, while digi.me manages user authentication and security.

“When you combine the technologies, it’s like being given a key to a your own personal government filing cabinet.”

The next step is to find a government agency prepared to trial the digi.me/Mainframe Cloud initiative and demonstrate the art of the possible.

 

 

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