Wych Limited
Overview
Wych is an all-in-one platform that integrates
- Data Holder and Data Recipient services
- Data insights
- Personal financial management
- Payment capabilities.
This enables our customers to comply with their regulatory data sharing requirements and meet the needs of data recipients. Additionally, Wych currently provides access to the open data ecosystems across both Australia and New Zealand.
Why are we here?
CDR (Consumer Data Right) has been live in Australia since July 2020, and available in the UK for 5 years as of 13 January 2023. The hope is that open banking will revolutionise the financial industry, bringing users more control over their finances, creating opportunities for new, enhanced services and products with open data sharing, and adding layers of security to customer bank information.
Despite the clear benefits of open banking, another way of obtaining financial data – screen scraping – is still being used and promoted today by many of the other intermediary service providers in Australia. The practice has been gathering criticism from experts, highlighting potential worrying use cases, as well as the risk it poses for data breaches. Given there were more than 497 notifiable data breaches in Australia alone in the last 6 months of 2022, they are becoming bigger and more frequent. Think Optus and Medicare…
Screen scraping has also been referred to by regulators as being “unsecure, inefficient, unregulated, and an unreliable method of data sharing,” according to their findings.
Wych focuses on a standards-only approach to ensure consumer data is protected and not put at any unnecessary risk. This core value is the main driver for the creation of Wych Data Holder as a Service, data holders often have the right data just not in the correct form or in the correct place. Wych helps these organisations meet their obligations with high quality data for less than the price of a full time employee.
For organisations that want to access clean, verified and useful data in this constrained skills market, it is rare they would have adequate development resources to build, secure and maintain a CDR platform unless they are a major enterprise.
Wych provides CDR access and comes to the rescue:
- If a customer can access APIs and build their own outcome, Wych has the APIs.
- If the customer just wants answers they can request the outcome from our insights service.
- Finally, if the customer wants a no-code solution they can request and access the outcomes via our self-service console.
Customer benefit:
- Reduce time to market
- Right fit service - API vs No-code options
- Multi-market offering - AU & NZ in one service
- Read and write - allowing access to payments and data
- Fully white-labelled solution for a B2B2C as well as B2B
Finally Wych is an independent organisation which means we have no conflict of interest when it comes to supporting our customers, we aren’t owned by their competitor or offer a competing service.
Highlights & Milestones
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Problem and Solution
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Competitive Advantage
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