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Frequently Asked Questions
Wych is the most flexible, reliable and cost-effective way to connect people with their financial data. We've collected the answers to
common queries below. Contact us if you need more info 👍🏻
Financial Technology (Fintech)Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services for consumers, small businesses and enterprises. Technology is integrated into offerings by financial services companies to improve their use and delivery to consumers and fintech companies typically unbundle offerings by traditional banks and creating new markets for them. Companies in the finance industry that use fintech have expanded financial inclusion and use technology to cut down on operational costs. open Banking and Open Finance will further improve the ability of every consumer to do more with their money.
Financial DataWhen you connect with Wych Data and our API, you’ve got access to reliable CDR banking and energy company data from 110+ sources. This is the type of financial data you can access: Account details Balances Current transactions Historical transactions Account classification Transaction classification Products and services Fees
Insurance Industry: using open financial dataInsurance companies can use open banking and the consumer data right (CDR) to access financial data from their customers, including spending patterns and credit history, to understand their risk profile better and provide more personalised insurance products and services. By analysing this data, insurance companies can create more customised products that better meet the needs of their customers, ultimately leading to higher customer satisfaction and loyalty. Open banking can also help insurance companies streamline underwriting processes by providing more accurate and up-to-date customer information. This can help insurance companies better assess risk and make more informed decisions about pricing and coverage. Insurance companies can also use open banking to improve the customer experience by simplifying the insurance application process. By enabling customers to share their financial data directly with insurance companies, customers can avoid the need to provide paper copies of bank statements and other financial documents. This can save time and reduce the hassle of applying for insurance.
What is your pricing?We have three simple pay as you go options, ranging from our Basic Plan starting at $0.50 per user per month with real time access to financial data and connections to over 110 financial institutions in Australia and New Zealand*. Our Premium plan includes data enrichment and pre-built insights and is $1.00 per user per month. Finally, our Enterprise Plan includes alerts, customised reporting, predictive analytics and the ability to build your own insights, please contact us for pricing. *Regulatory requirements may limit your access.
Can I pay by credit card?Yes. We provide credit card as one of our payment options.
Do you have a sandbox?Yes, you can get started here by registering for a WYch account or contact us to find out more.
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