Wych ·3 June 2025·2 outlets
Kiwibank waived its open banking fees, starting with Wych
Kiwibank dropped the fees it charges fintechs for open banking access, with Wych the first to benefit. Wych builds the pipes that let people share financial data by consent through accredited APIs instead of handing a bank login to a screen scraper.
Wych exists so financial data moves by customer consent over accredited rails rather than by handing a banking username and password to a screen scraper. Dermot Butterfield bootstrapped the company for about seven years, and converting the platform to Australian standards over a single weekend won it a government test-partner role and made Wych one of the smallest accredited data recipients in Australia's Consumer Data Right regime. A bank waiving its fintech fees removes a cost sitting between fintechs and those rails.
- Company
- Wych, www.wych.io
- First reported
- 3 June 2025
- Outlets
- NZ Adviser, Kiwibank (media release)
Who covered it
- Kiwibank waives open banking fees in fintech-first move with WychNZ Adviser, 3 June 2025
- Kiwibank takes competitive stand on open banking feesKiwibank (media release)
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