BlinkPay readies New Zealand for open banking with new services
Māori fintech BlinkPay, which offers payment solutions and processing, has partnered with a group of banks in New Zealand to pave the way for the arrival of open banking in the country next year.
BlinkPay readies New Zealand for open banking
The company, which is based in Auckland, released a statement this month in which it says it aims to “bring open banking to New Zealand” through the partnerships and its services.
Supported by the advent of the Consumer Data Right (CDR), Payments NZ, New Zealand’s payment systems regulator, has given instruction to the country’s four main banks – ANZ, BNZ, ASB and Westpac – to instate open banking by May 2024.
This would enable both businesses and consumers to optimise their banking data to access faster, more secure payments and more personalised services. Open banking is especially noted for being able to lower transactional costs and eliminating the need for sensitive data to be shared.
Although BlinkPay has made no mention of which banks specifically it intends to collaborate with, it has eliminated open banking as a “passing phase” and anticipates the “significant impact” it’s set to have on New Zealand’s financial landscape.
Speaking on this impact, Adrian Smith, the chief product officer at BlinkPay, says that open banking is “changing the game for both consumers and businesses”.
“It’s not just about new technology; it’s about offering more choices, better security, and simpler financial management,” he explains. “For merchants, this means quicker payments, lower transaction costs, and happier customers. We at BlinkPay are thrilled to be at the forefront of bringing these benefits to New Zealand.”
The country’s push for open banking comes just days after the UK announced that it had topped 11 million open banking payments in July, which marked a 9.3% increase in same figures recorded the month prior.
