Hazy and Unbanx partner to launch first ethical synthetic data cooperative

We’re excited to announce our partnership with Unbanx - the Open Banking data ownership platform - and together the launch of the first ethical data cooperative comprising synthetically generated financial transaction data.

Transaction datasets provide analysts, hedge funds and other financial institutions with invaluable insights into behaviours and trends which drive customer acquisition strategies and enable them to capitalise on emerging market opportunities. Yet these datasets are often sold and used without consent and unlawfully, breaching basic privacy regulations.

Viewing listing on Snowflake Marketplace

Unbanx is on a mission to change that by putting consumers back in control of their data by enabling them to earn passive income from their banking transaction data.

Using Hazy’s leading generative models, the firms have created a totally artificial transaction dataset that retains all the value of the original dataset and is safe, easy and fast to use.

The companies have launched the first ethical data cooperative to showcase the possibility of artificial data that can be used to drive real value within organisations without risking individuals’ privacy. This initiative is a pioneering step forward in ethical data monetisation.

The dataset is made up of transactions from over 20,000 consumers covering real-time credit and debit cards from incumbent and challenger banks, and ticker spending.

The dataset is available to trial and purchase on Snowflake Marketplace.