ACCC announces Wych as an Accredited Data Recipient (ADR) under Open Banking regulations.
North Sydney, NSW,: Wych Money, an AI-powered financial personal assistant that takes the effort out of managing personal finances, was today accredited by the ACCC, becoming the newest data recipient in the Consumer Data Rights (CDR) ecosystem.
The accreditation will enable our personal finance app to receive a consumer’s data from a data holder, then harnesses and analyses this information for the customer’s benefit.
“We are thrilled that Wych has been approved by the ACCC as an Accredited Data Recipient under the Consumer Data Right,” said Wych CEO, Dermot Butterfield.
“The pandemic has left many Australians stressed and financially stretched; this announcement means we can begin to help people achieve their goals. Our focus on automation ticks off to-do lists, reduces stress, and delivers saving on your time and money so we can all get back to focusing on the more important things in life.
This accreditation is an acknowledgement of the effort from our team in implementing a secure platform to service customers in Australia and overseas from the outset. We are grateful to the ACCC and their team for the time and energy they provided to make this a reality. In the coming months, we will begin to accept our first users onto the platform and look forward to changing lives for the better.”
Wych Money is a personal financial assistant empowering customers to take control of their finances through an AI-powered app. Wych enables businesses and financial advisors to connect with their customers to accelerate the customer’s goals. Founded by Dermot Butterfield, an experienced technology innovator, Wych is on a mission to help turn their customer’s money into wealth. To learn more visit www.wych.it
CDR is an economy-wide reform that will be rolled out sector by sector. As it grows, it will become more powerful for Australian households and businesses. The Consumer Data Right has already been rolled out to banking, with the energy sector to follow next and telecommunications to follow as the third sector. To learn more visit What is CDR?.