Updated: Jul 18
AI-based Data Platform for personal finance management, Wych, is added as the 17th active Accredited Data Recipient (ADR)
The Australian Competition and Consumer Commission (ACCC), overseer of the Consumer Data Right (CDR) scheme, has approved Wych as an Accredited Data Recipient.
Wych, the personal finance app set to change consumers' financial wellbeing through AI data driven technology, today announces their completion of their CDR journey, as they become active on the Australian CDR register.
The ACCC CDR conformance testing (CTS) was completed early in March with full activation by the end of March. The team has completed all the rigorous governmental requirements and now that they are active, Wych will be able to - with a customer's consent - connect to CDR data and offer customers new ways to manage their finances.
“This is a huge hurdle to overcome within weeks of accreditation and conformance testing”, said CEO Dermot Butterfield, “We are excited by what this means for our company”.
When Wych completed their accreditation they were one of only 29 companies to have been through the process, to date only 17 companies have been activated. Activation is to the ACCC register, following a technical demonstration of the platform, and confirmation that required information has been provided to ACCC. This grants access to the walled garden of the 96 banking institutions represented by the ACCC.
CEO of Wych, Dermot Butterfield credited the speed of completion of CTS and the overall activation to the flexibility of the Wych Platform, and amazing technical team.
Wych will join companies including CBA, Regional Australia Bank, SISS Data Services (an Open Banking software developer), Yodlee (a financial services software developer), and Frollo (a fintech) who are all currently “active” ADRs.
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 customers goals. Founded by Dermot Butterfield, an experienced technology innovator, Wych is on a mission to help turn their customers money into wealth. To learn more visit https://www.wych.it
About Australian Competition and Consumer Commission (ACCC)
The Australian Competition and Consumer Commission (ACCC) is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefit of all Australians.