Category: Bank of New Zealand

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BNZ to provide Confirmation of Payee to customers in November

Source: BNZ statements

BNZ will be one of the first New Zealand banks to provide Confirmation of Payee when it rolls out the service at the end of November.

“At BNZ we’re continuously looking for new ways to help protect customers from scammers,” says BNZ CEO Dan Huggins.

“We’re pleased to be able to deliver Confirmation of Payee as quickly as possible after it becomes available in New Zealand, adding it to the suite of tools to help our customers be safer online.”

BNZ’s other recent anti-scam features include:
• An ‘online banking lock’ feature in the BNZ banking app which allows customers to disable all internet banking and BNZ mobile app activity and lock access to their accounts if they suspect a scammer has gained access to their online accounts.
• Additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.

Confirmation of Payee will provide BNZ customers with an extra level of assurance when making payments from one bank account to another within New Zealand.

It will help customers be confident that they are paying who they think they are before the payment is made, which will help reduce payment errors and stop some instances of scams and fraud.

From next week, BNZ will start contacting customers to let them know Confirmation of Payee is coming, what it is and how it will work.

“BNZ invests tens of millions of dollars in scam, fraud and anti-money laundering protection each year. As always, we encourage our customers to get in touch with us straight away if they think they may be being scammed,” says Huggins.

 

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BNZ cuts variable home loan rates by 0.50% following drop in OCR, customers to benefit from tomorrow

Source: BNZ statements

BNZ is making changes to its variable home loan rates, passing on the full OCR cut of 0.50%.

BNZ General Manager Home Lending Products James Leydon says today’s decision by the Reserve Bank to cut to the official cash rate and BNZ’s subsequent interest rate reduction will be welcome news for many New Zealand households.

“We are continually assessing our interest rates and looking for opportunities to pass on rate reductions to our customers. Customers will benefit from our latest variable rate change which is effective from tomorrow.

“BNZ will continue to move quickly in response to changes in external factors, including the Official Cash Rate and wholesale interest rates, to ensure we’re passing rate changes on to our customers as quickly possible,” says Leydon.

BNZ’s new variable home loan rates are effective from 10 October 2024
Previous rate: 8.44% p.a.    New rate: 7.94% p.a.

All home loans are subject to our lending criteria (including minimum equity requirements), terms and fees. An establishment fee of up to $150 may apply.

 

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BNZ launches new anti-scam tool to lock scammers out of online banking

Source: BNZ statements

BNZ is rolling out its latest anti-scam and fraud measure, launching an ‘online banking lock’ feature which gives customers the ability to disable all online banking activity and lock access to their online banking if they suspect a scammer has gained access to their accounts.

“BNZ is continually looking for new ways to enhance protection for customers and combat criminal scammers,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

“While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app – gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” says Kai Fong.

Once the online account lock is activated, it disables all current internet banking and BNZ mobile account activity and locks all access.

To prevent scammers from regaining access, customers will need to verify their identity at a BNZ branch to regain access to their accounts.

Customers will still be able to use their cards online, instore and at ATMs while their account is locked, unless they have also chosen to block their card. To minimise disruption, scheduled payments, like rent or mortgage payments, will still go out as scheduled.

Kai Fong says BNZ invests tens of millions of dollars every year in scam and fraud protection measures.

“While there is no silver bullet in the fight against scammers, this is another tool in the anti-scam and fraud toolbox to help protect our customers. It’s just one of a number of new features, BNZ has introduced, including:

  • introducing a way for customers to verify their identity through the BNZ app when prompted by a BNZ staff member to confirm it is the bank calling
  • introducing additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.
  • deploying ID readers in branch to help identify fraudulent documents

Kai Fong says customers also have a role to play in keeping themselves safe from scams and fraud:

  • keeping account details, passwords and pin numbers safe
  • never clicking on links or attachments sent by someone you don’t know or that seem out of character for someone you do know
  • keeping your computer and phone security software up to date
  • contacting your bank as soon as possible if you think you’ve been scammed

Top tips to stay scam savvy – BNZ will never:

  • email or text you links to online banking and ask you to log in
  • send you a text message with a link to a website, or link to call us
  • ask you for information about your PIN number, bank account number, or password
  • ask you to verbally share the authentication codes sent to you by text or email, even with a BNZ staff member
  • ask you to transfer money to help catch a scammer or a bank employee who is scamming customers
  • send you a text message about account issues with a link to log in
  • ask you to download software to access your Internet Banking remotely
  • use international phone numbers to call or send you notifications.

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New path to home ownership on Māori land: BNZ expands innovative funding framework

Source: BNZ statements

More Māori and whānau across Aotearoa will benefit from home ownership opportunities, thanks to an expanded funding framework that enables lending for housing on Māori freehold land.

Under the expanded model, individuals and whānau who meet BNZ’s standard home lending criteria can secure a home loan for housing on Māori land managed by land trusts or incorporations, at standard home loan interest rates.

This is an extension to Bank of New Zealand’s (BNZ) innovative funding model, initially developed in collaboration with Ngāti Whātua Ōrākei, to support more Māori to achieve home ownership on their whenua (land).

Whetu Rangi, BNZ Head of Māori Business, says the initiative is step forward in addressing the unique challenges Māori face when seeking finance to build homes on their whenua.

“It’s about more than just providing loans; it’s about empowering our people to create sustainable, thriving communities on their whenua.”

About Māori land trusts and incorporations

Māori land trusts and incorporations play a crucial role in the management of Māori freehold land, which covers approximately 1.4 million hectares—about 5% of New Zealand’s land area. This differs from iwi-owned land, which is typically held by an iwi post settlement entity as a result of Treaty of Waitangi settlements.

A significant portion of Māori freehold land is held in trusts and incorporations, which manage the land on behalf of multiple owners. These owners are generally connected through whakapapa (genealogy) and can number in the hundreds or even thousands for a single land block.

The collective ownership structure of Māori land has historically posed challenges for lending. This, combined with restrictions on land transferability, including those in Te Ture Whenua Māori Act 1993, has created barriers to using Māori land as security for loans. As a result, whānau have faced significant obstacles in obtaining individual home loans on collectively owned land, impeding housing development on ancestral lands for generations.

Overcoming barriers to lending

To address this, the BNZ framework uses leasehold mortgage lending practices that align with Māori land ownership legislation and enshrines agreements that ensure property is controlled by the Māori land trust, incorporations and owners, which would take over in the event of a distressed mortgage.

This approach balances the bank’s security requirements with the land rights of shareholders and beneficiaries of Māori land.

BNZ CEO Dan Huggins says extending the framework is about supporting Māori aspirations.

“Developing this framework has taken several years, requiring a significant amount of legal work, and a full understanding of the unique aspects of Māori land ownership. This model respects the collective ownership structures of Māori land and ensures that the land remains a taonga tuku iho—a treasure passed down through generations,” he says.

“We’re proud that we’ve managed to develop a solution that not only can facilitate home ownership on whenua Māori but also acknowledges and protects the deep connection Māori have with their whenua. We hope this approach is the first of many innovative solutions enabling Māori home ownership.”

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BNZ offers support for Otago customers affected by severe rainfall  

Source: BNZ statements

BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

Available immediately, the assistance package includes:  

  • Ability to review home lending facilities on a case-by-case basis. 
  • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
  • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
  • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

“We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

“We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

“We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

“It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

Customers can check whether their local BNZ branch is open here: www.bnz.co.nz/locations 

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Education key to open banking success, BNZ survey finds

Source: BNZ statements

While many New Zealanders have heard of open banking, few understand its benefits, according to new research from BNZ.*

Open banking gives bank customers the power to control and securely share their financial data with trusted third parties like fintechs.

Access to that data means banks and fintechs can create highly tailored products and services, such as apps that offer insights into spending habits, budget planning and savings goals, or that instantly share financial information with multiple lenders, making it easier and faster to apply for a loan.

“Our survey found that while 60% of respondents have heard of open banking, only a quarter (26%) have some understanding of what it means,” says Karna Luke, BNZ Executive, Customer Products and Services.

“However, after learning more about its capabilities, nearly three-quarters (73%) expressed an interest in using open banking services.

“This shows that New Zealanders are very open to new ways of managing their finances but need the right information to feel confident about using the technology,” says Luke.

The survey also shed light on some risky practices highlighting a need for greater education. Two-thirds (66%) of respondents reported having used payment services that rely on screen scraping. This practice puts users’ data at risk by requiring them to share their online banking login credentials with third parties to access certain services.

“Open banking provides a safe and secure way to share your financial data with trusted third parties without ever having to disclose your banking login details. It’s much more secure than screen scraping, but our survey shows a big gap between awareness and understanding of open banking’s benefits, particularly around security,” says Luke.

Bridging the knowledge gap

Luke says education is key to building the trust and confidence needed to drive greater adoption of open banking and realise its benefits.

“At BNZ, we’ve been collaborating with fintechs since 2018 to develop innovative products and services that showcase open banking’s potential, and we’ve developed content and resources to inform and engage our customers about the benefits. Already, more than 250,000 BNZ customers are using apps and other services made possible through open banking.”

“While we’ve made good progress, there’s still more work to be done to educate New Zealanders about the benefits of open banking and build trust in its capabilities. This will be crucial to ensure that everyone can take advantage of the huge potential open banking offers.”

Luke highlighted the importance of the Consumer Data Right (CDR), which is currently progressing through Parliament as part of the Customer and Product Data Bill. The CDR sets rules around how customer data is shared and managed and ensures legal safeguards are in place to protect New Zealanders.

“While banks have been working hard to build the technology needed for open banking, the CDR will provide the rules and protections necessary to ensure people feel secure and confident using these new services,” Luke says.

“The Government’s commitment to investigate opportunities for early adoption of open banking by government agencies, in line with recommendations from the Commerce Commission, is also a welcome move which could significantly boost public trust and understanding.

“We’re committed to working alongside regulators and the wider industry to ensure that open banking delivers on its promise of greater financial empowerment and choice for all New Zealanders.”

For more information about open banking and BNZ’s initiatives, visit bnz.co.nz/openbanking.

*Source:  BNZ Voice customer panel survey, 18th to 28th July 2024. Total responses: n=355. The profile of participating customers was not controlled for this survey.

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To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

Source: BNZ statements

BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending home games in Auckland and Whangārei won’t have to pay for general admission tickets.

Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

“The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

“That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

“We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

“It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

“What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

“Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

  • Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium.
  • General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at www.eventfinda.co.nz starting Tuesday 1 October.

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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/

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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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BNZ simplifies home loan offering, delivering savings for first home buyers and low equity borrowers

Source: BNZ statements

In a move that will make borrowing simpler and more affordable for first home buyers and low equity borrowers, Bank of New Zealand (BNZ) today announced changes to its home loan offerings.

In addition to a raft of home lending interest rate reductions this morning, BNZ is moving to a single set of home loan fixed interest rates, simplifying its previous two-tier structure of Classic and Standard rates. This change removes the previous 0.60% difference in the rates available to borrowers with less than 20% equity.

New borrowers with less than 20% equity will benefit from the lower Standard fixed interest rates, resulting in reduced overall borrowing costs for these customers. Low equity premiums will continue to apply based on individual customers’ equity positions.

BNZ Executive Customer Products and Services Karna Luke says these changes will make a real difference for many New Zealanders.

“The simpler home loan rates mean that all customers will be able to access our best home loan rates, even if they don’t have 20% equity.

For example, a first home buyer borrowing $500,000 with a 15% deposit on a 30-year term would save $78 per fortnight based on the current 1-year fixed rate advertised on the BNZ website*. Over a 1-year fixed term, this amounts to savings of more than $2,000.

“These changes reflect our commitment to growing the long-term financial wellbeing of all New Zealanders,” says Luke.

“By making home loans simpler, we aim to help more Kiwis to achieve their home ownership aspirations.”

The new pricing takes effect from today for new customers and will apply to existing low equity customers when they next refix their home loan.

*1 year interest rate of 6.55% as of 20 August 2024.

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