WeMoney becomes accredited for Open Banking in Australia
WeMoney, one of Australia’s leading social financial wellness apps launched in late 2020 has officially been accredited for Open Banking in Australia as an Authorised Data Recipient under Australia’s Consumer Data Right (CDR).
The FinTech boasts over 200,000 downloads since launch and is aimed at allowing Gen Z and to receive a full 360 view of all their finances, credit scores and access a powerful community to receive hints and tips on saving money and achieving financial goals faster.
“There has always been a significant pain-point for young Australians to get a full picture of their financial lives in one place, and this Open Banking accreditation helps us realise our vision of helping our members see all their finances together under Open Banking,” WeMoney’s Founder and CEO Dan Jovevski said.
“It will help our members quickly and securely connect their bank accounts from accredited data providers, such as banks, to allow for deeper understanding of their finances that can lead to huge insights in saving money,” said Jovevski
This seminal accreditation is posed to take WeMoney into the future of enabling consumers to better understand their finances, with seeing how they spend their money and find opportunities to save on everyday expenses and financial products.
“Through research we conducted in 2021, we uncovered that shockingly, over 85% of WeMoney members may be overpaying on products such as mortgages and personal loans. Open banking will make this even more transparent and allow WeMoney members to consider alternatives so they can make tangible savings faster,” Jovevski continued.
“We’re excited about the future roadmap of Open Banking and what it means for Australians – there is a lot to be excited about in the roadmap for Open Banking which will extend to other sectors such as energy, telecommunications, superannuation, insurance and beyond,” said Jovevski.
WeMoney is currently working to implement these changes with a view to making Open Banking live on the WeMoney app before the end of this financial year.