What is DataX? 

DataX is a data analytics service that Westpac offers to guide large client businesses in Australia. The analysis enables users to inform their operations with reliable insights by leveraging the institutional bank’s extensive consumer and corporate data. Advanced data solutions like Westpac DataX, and RiskScore from CreditorWatch, provide a firmer foundation for agile business decision-making. 

How does DataX work?  

Banks and credit rating agencies gather large amounts of data on individual consumers and businesses. The data can provide valuable insights and predictions using the appropriate analytical frameworks. Increasingly, more services are available that leverage these enormous datasets to provide analysis and advice. 

Westpac DataX and RiskScore from CreditorWatch are advanced tools that transform data into actionable insights. DataX’s analysis can help inform business decisions involving locations, procurement and stock by interrogating spending and credit data held by the bank.  

Meanwhile, RiskScore leverages trade payment data from 55,000+ customers to rate trading partners’ creditworthiness and probability of default. Informed analysis allows business leaders to make decisions more clearly and confidently.  

Westpac Datax is separate from DataX Connect, a global data centre recruitment company, and the DataX artificial intelligence and data science conference held in San Francisco. Additionally, global e-commerce company Alibaba uses a platform known as DataX for offline data synchronisation.  

What does DataX use in its calculations? 

The data used by complex algorithmic products varies according to the provider. In the case of Westpac DataX, the bank collects data from more than 6 million daily credit card transactions, merchant terminals and more. Any transaction that goes through the bank may add to the dataset. 

RiskScore, by contrast, incorporates 11 million monthly tradelines of data, SME payment data from Xero and MYOB, business demographic risk data, and insolvency notices. Different datasets get used for differing predictive capabilities, according to the client’s need and the sophistication of the software used.  

How is DataX different from other credit reporting mechanisms? 

As a corporate and institutional banking service, DataX doesn’t lend itself to credit reporting and analysis; it is a logistics and operations-informing tool. Businesses may use it to predict future stock levels required or trendlines for consumer demand. Clients can find the gold standard of credit reporting and trading partner risk analysis in the RiskScore platform.  

What are the advantages of using DataX? 

The advantage of using any sophisticated analytics tool supported by extensive data is that it takes the guesswork out of decision-making. Relying on intuition alone is insufficient when competitors inform their next moves with powerful machine-learning technology. Advanced products such as Westpac DataX or RiskScore can provide a strong foundation of insight and analysis, allowing management and ownership to proceed confidently.  

Where should I go to find out more information about DataX or RiskScore? 

For more information regarding Westpac DataX, speak to your local Westpac branch or contact them over email, web or phone to commence discussions. According to recent reporting, DataX is a service offering primarily for large business clients, so some businesses may need to meet eligibility requirements for product use.  

However, any business of any size can credit-check trading partners and identify bad debtors immediately with RiskScore from CreditorWatch. You simply search a current or prospective client via its ABN/ACN to reveal a credit score from 0-850 and a credit rating from A1 to F. The higher the score, the more creditworthy that business is. This analysis clearly outlines those entities that may expose your business to risks of default or insolvency.  

To clean up your business’s database, consider a Portfolio Health Check from CreditorWatch to ensure the information is contemporary and relevant. This comprehensive review allows companies to validate data, remove old, outdated details, and standardise the database for easier use in the future. It’s one thing to hold the data; it’s another to maintain and use it to its full potential. Unlock the decision-making power contained within your database with this essential service. 

You can set your business on the path to success with the right analytical tools and clean information. To get started, speak to our expert team today.