Category: API

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BNZ the first NZ bank to achieve next open banking (open data) milestone

Source: BNZ statements

Bank of New Zealand (BNZ) has taken another critical step toward open banking—better described as open data—becoming the first bank in New Zealand to meet a major milestone set by Payments NZ.

BNZ has implemented the Payments NZ Account Information API v2.1 standards, which when open banking is fully operational, will enable New Zealanders to safely and securely share their financial information with approved providers.

“While it sounds a little dull, API v2.1 is really the engine room of open data. It’s the piece of the tech puzzle that means our customers have full control over what data they share, who they share it with and importantly, it gives them control to stop sharing their data too,” says Karna Luke, BNZ’s Executive of Customer Products and Services.

Payments NZ plays a key role in establishing the open banking system and has set New Zealand’s major banks the task of implementing Account Information API v2.1 standards by November this year. This follows the May 2024 requirement for major banks to support payments via APIs, enabling direct account payments through third-party apps. BNZ achieved this in 2023.

“That we’ve been able to reach this milestone three months ahead of the deadline reflects the commitment that BNZ has made to support the implementation of open banking. Over 250,000 BNZ customers are already benefitting from innovative services made possible through this technology, including services from Xero, Volley, and Blinkpay, all of which connect to BNZ through secure APIs,” says Luke.

What it all means for customers

This secure access to real-time financial data empowers third-party providers and fintechs to provide customers with new, innovative, and highly personalised financial products and services. Potential use cases include:

  • Personalised budgeting tools: Apps that offer tailored budgeting advice based on real-time financial data and spending habits, helping users manage their finances more effectively.
  • Customised savings plans: Solutions that design personalised savings plans and automate transfers based on users’ financial behaviour and goals.
  • Advanced financial insights: Tools that provide detailed analysis of spending patterns and identify new financial opportunities, enhancing users’ understanding of their financial situation.
  • Streamlined loan applications: More efficient loan processes that simplify and speed up approval by leveraging comprehensive account information.
  • Fraud detection and prevention: Facilitating third party apps or services to use real-time account data to identify unusual activity, improving security.

“Being the first bank in New Zealand to deliver this API demonstrates our focus on helping drive the future of open banking in New Zealand,” says Luke.

“We’re excited to see more fintechs and developers join those we’re already working with to leverage this technology to create innovative solutions that will benefit our customers and the country.”

“It’s also important to remember that banking services are just the beginning. The Customer and Product Data Bill currently progressing through Parliament will establish a Consumer Data Right (CDR) in New Zealand, enabling open data sharing across multiple sectors.”

This will further unlock digital innovation, making it possible to do things like instantly and securely verifying your identity online, via the information held about you by your bank, insurer or power company, or finding the best deal across utility or insurance companies and switching easily.

For more information about the Account Information API v2.1 and its capabilities, please visit https://developer.bnz.co.nz/

The post BNZ the first NZ bank to achieve next open banking (open data) milestone appeared first on BNZ Debrief.

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BNZ and Adminis sign API agreement to streamline foreign exchange in NZ banking first

Source: BNZ statements

In a move to enhance access to foreign exchange markets, Wellington-based fintech Adminis has signed an API agreement with BNZ—the first bank in New Zealand to offer an FX dealing API.

An API, or Application Programming Interface, is a secure tool that allows different software programmes to connect and share information automatically. With this agreement, Adminis customers can access BNZ’s comprehensive foreign exchange services directly from the Adminis platform.

Customers can exchange currencies in real-time and execute transactions almost instantly, lock in future rates to protect against market volatility, and put their funds to work quickly and securely, without delays from manual processing.

The agreement also provides continuous access to international markets, operating 24 hours a day, 5.5 days a week – from the opening of the Wellington market to the close of New York. This means Adminis customers can trade currencies and manage risks even when local markets, such as those in New Zealand, are closed overnight. This access spans major FX markets across the USA, Europe, and Asia.

Adminis CEO, Matan Gan-El, says, “We are excited to work with BNZ to bring this innovative solution to our platform, which supports over $11 billion in funds under administration for our clients. This agreement will enable our clients to streamline their foreign exchange transactions, optimise risk management, and make more informed decisions when investing and rebalancing their portfolios.

“The API integration will not only make it easy to automate foreign exchange transactions based on predefined criteria, but also facilitate locking in exchange rates through Forward Exchange Contracts, improving the speed and accuracy of deal booking while managing currency fluctuation risks.”

BNZ’s General Manager of Markets, Philippa Fourbet, says, “We’re proud to be the first bank in the country to offer an FX dealing API. Since 2018, BNZ has been at the forefront of API development in the banking sector, with more than 250,000 customers already benefitting from innovative products and services unlocked by this technology.

“This collaboration reflects our focus on using the latest technology to deliver tangible benefits for New Zealanders and businesses. We’re thrilled to be making it easier for businesses to manage their FX transactions, saving them valuable time and resources.”

For more information on BNZ’s APIs, please visit BNZ APIs – BNZ.

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No card? No problem: New Zealanders can now shop online without a credit or debit card

Source: BNZ statements

Ka whangaia, ka tupu, ka puawai (“that which is nurtured will grow and blossom”)

 New Zealanders can now easily shop online without needing a credit or debit card, thanks to an API agreement between homegrown Māori fintech start-up BlinkPay and the Bank of New Zealand (BNZ).

BlinkPay provides a platform that connects businesses with their customers using BNZ’s secure API built to Payments NZ standards – a tool allowing third-party services to securely connect with BNZ accounts, with customer consent.

Blink PayNow is a new payment solution that makes online shopping easy by enabling account to account payments within New Zealand with only a couple of clicks, eliminating the need for a credit or debit card, while reducing transaction fees for merchants.

“As pioneers in the API payment solutions space, BlinkPay is proud to collaborate with BNZ, which is a leader in the NZ financial services sector,” says Adrian Smith (Ngāpuhi), Chief Product Officer and co-founder of BlinkPay.

“This collaboration allows BNZ merchants to access BlinkPay’s payment products like Blink PayNow and, in the future, Blink AutoPay. Both products provide a straightforward and secure payment method from a customer’s BNZ bank account.”

Karna Luke, BNZ’s Executive of Customer Products & Services, says it’s about simplifying the digital economy and making it accessible to more New Zealanders.

“Whether it’s for the latest fashion, an annual insurance premium, or other domestic online purchases, this service makes it possible to easily pay for your shopping online with just a bank account.

“Enabled through our secure API, this is a step forward for inclusive banking in Aotearoa, reducing barriers and making it easier for consumers and businesses to benefit from the digital economy.”

BNZ has been providing open banking services since 2018 and has consistently led the market in New Zealand in releasing APIs. It is a strong supporter of industry moves toward secure standards for open banking, and its APIs are already being used by a range of different organisations and companies, from local councils to financial service providers, fintechs, and many more.

How Blink PayNow works 

At checkout on a BlinkPay-integrated website, customers simply select Blink PayNow and choose their bank. They are then redirected to their bank’s portal, where payment details are pre-filled.

After reviewing and confirming the payment from their mobile banking app, customers are taken back to the merchant’s site with a successful payment notification.

No credit card details, no lengthy forms, just a few mouse clicks or taps on your smartphone.

 

 

Making it cheaper to do business

In addition to providing a user-friendly, secure and accessible payment option for customers, businesses using BlinkPay will also benefit from cheap fees. BlinkPay’s standard fee is 0.95% per transaction, capped at $3.00 NZD, and there is no cost to consumers who pay through the service.

“We’re proud to offer cheaper fees to New Zealand businesses than our multinational rivals. Reduced fees make it easier for businesses to be competitive in the marketplace, which is also good news for consumers,” Mr Smith says.

To introduce this new feature, BlinkPay is offering BNZ-merchants a special deal: no integration fees and half-price transaction fees until 31 December 2023. Merchants can get this offer by signing up on BlinkPay’s website by the 30th of September 2023.

For more details on this payment method, visit BlinkPay’s official website.

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