Category: Media updates

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BNZ warns of increased tax scams as tax time approaches

Source: BNZ statements

As tax time approaches, Bank of New Zealand (BNZ) is urging New Zealanders to be alert to the heightened risk of tax-related scams.

“The end of the financial year is a prime opportunity for scammers, who take advantage of tax time to trick and defraud New Zealanders out of their money,” says Ashley Kai Fong, BNZ’s Head of Financial Crime.

“Scammers exploit the urgency and importance of tax-related matters, creating fraudulent but realistic scenarios about tax debts or refunds that can seem both timely and credible,” he says.

“Tax scams are particularly effective because people often have genuine interactions with the IRD during this time of year,” says Kai Fong. “Scammers exploit this familiarity to make their attempts more believable. It’s crucial to verify the authenticity of any unsolicited communication claiming to be from government agencies.

“A recent example we’ve seen is of customers receiving an email claiming to be from the IRD. The email, which originates from an unofficial email address, contains a link that directs customers to a fraudulent IRD website, which then leads them to a fake bank login page.

“Examples like this serve as a stark reminder of the importance of being vigilant and cautious when receiving unsolicited emails, even if they appear to be from trusted sources like the IRD or government agencies.”

New Zealanders should always access their accounts through official websites, rather than clicking on a link which directs them to do so.

“At this time of year, be particularly wary of emails or communications about tax refunds or debts. Verify the source thoroughly, and if in doubt, contact the IRD via the details on its official website. Remember, the IRD will never prompt you to log in to your online banking via their website or ask you to provide your banking login credentials.

“The simplest yet most powerful defence you have is being aware. Trust your instincts and always take a sec to check before providing sensitive information.”

In case of suspicious activity or suspected scams, BNZ encourages anyone who believes they may have been targeted by a scam to contact their bank immediately. For more information on protecting yourself from scams, visit www.getscamsavvy.co.nz.

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Douglas McKay to retire from the BNZ Board

Source: BNZ statements

BNZ today announced that Douglas McKay, ONZM, is retiring as a director of BNZ, effective 31 May 2024. Mr McKay has been a member of the BNZ Board since 5 March 2013 and has been the Chair since 1 August 2015.

The BNZ Board has appointed Warwick Hunt, MNZM, to replace Mr McKay as the new Chair, effective 1 June 2024. Mr Hunt joined the BNZ Board on 1 November 2022 and is currently the Chair of the Board Audit Committee and a member of the Board Risk and Compliance Committee and the Board Due Diligence Committee.

BNZ Chief Executive Officer Dan Huggins has acknowledged the outstanding contribution made by Mr McKay as a director and as Chair of the BNZ Board over a considerable number of years and wishes him well for the future.

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BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets

Source: BNZ statements

Sustainability is increasingly front of mind for New Zealand businesses, from small startups to large corporates. Surveys by the Sustainable Business Network (SBN) reveal a strong commitment to sustainable practices among NZ corporates, while Stats NZ has found that a third of local businesses are investing in climate change measures. Yet, as RNZ reports, a significant gap remains: While the vast majority of the country’s small to medium sized enterprises (SMEs) are concerned about sustainability, more than 40 per cent report that they lack the knowledge and resources to become more sustainable. 

Recognising this gap, BNZ has announced a refresh of its Green Business Loan proposition, including a limited time, low-cost rate Green Asset Finance Loan. This initiative is designed to help SMEs finance no and low emission vehicles and machinery such as electric forklifts, cars, trucks and buses, at a market leading fixed interest rate of 5.5% p.a. for up to five years, capped at $500k per customer. 

“At BNZ, we’ve made a strategic commitment to help build a resilient, regenerative and inclusive Aotearoa for the long term and helping our SME customers reach their sustainability goals plays a huge role in achieving that,” says Alex West, BNZ’s Head of Sustainable Finance – Growth Sectors. 

Supporting businesses to be more sustainable is not only key for New Zealand to achieve its climate change commitments, but also brings a range of other benefits, from supporting biodiversity and enhancing water quality to improving labour practices and delivering better social outcomes for our communities. 

And as West points out, it also makes strong business sense.  

“Switching to electric and plug in hybrid vehicles with BNZ’s Green Asset Finance Loan can significantly reduce fuel and maintenance costs, in addition to the emissions benefits. Being sustainable doesn’t mean sacrificing your bottom line – it’s actually crucial for long term financial success,” he says. 

While BNZ’s Green Asset Finance offer is focused on clean transport and machinery assets, West says that the Bank’s wider Green Business Loan proposition can support a diverse range of sustainability initiatives. 

“At BNZ, we’re seeing a growing desire among our customers to embark on their own sustainability journeys. They range from those who are already incorporating sustainability into their businesses to many who are keen to make a difference but don’t know exactly where to start.  

“Our role is to be there as a trusted advisor, to guide and support them through the process. We collaborate closely with our customers, understanding their unique needs and aspirations, and together, develop sustainable finance solutions to not only benefit their businesses but also contribute positively to our communities and environment.” 

South Island Forklifts’ sustainable shift with BNZ 

South Island Forklifts, a forklift rental company in Christchurch that has been operating since 1999, has made a major move towards sustainability, investing heavily in eco-friendly electric forklifts, with the help of a Green Business Loan from BNZ. 

“We saw adopting green electric forklifts as a logical step for us,” says the owner of South Island Forklifts, Jason Donnithorne. “These forklifts are the future of our industry, and we are dedicated to assisting our customers switch to a more sustainable fleet. 

In addition to the environmental benefits of eliminating the need to regularly change used engine and transmission oils, green electric forklifts also have lower operating costs than fuel-powered forklifts. This is because the electricity they use is typically much cheaper than diesel or gasoline.   

“With BNZ’s Green Business Loan, we’ve been able to purchase these environmentally friendly machines, which not only match our sustainability values but also offer cost savings to our customers. 

“Our aim is to set an example,” he says. “We want to show the industry that making sustainable choices is not just beneficial for the planet – it’s good for business too.” 

To discover how a BNZ Green Business or Green Asset Finance Loan can help your business reach its sustainability goals, visit our website or speak to your banker.

Summary: BNZ Green Asset Loan  

  • Low-cost rate loans are available to finance a broad range of green assets. 
  • Market leading interest rate of 5.5% p.a., fixed for up to 5 years. 
  • Maximum loan of up to $500,000 per customer. For lending over $500,000, speak to a BNZ banker about what we can do.
  • Available until 17 May 2024 or until the total amount available is exhausted, for new and existing business customers with their main banking relationship with BNZ.
  • Eligibility criteria, terms and fees apply, including those that apply to the base product. 

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From red roses to red flags – BNZ warns of increase in relationship scams ahead of Valentine’s Day

Source: BNZ statements

On Valentine’s Day eve, BNZ is warning Kiwis to be wary of scammers with its customers reporting a 43% increase in relationship and romance scams over the past year.

“There were 167 reported cases in 2023 – and they’re only the ones that we know about as many of these sorts of scams go unreported,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

This is up from 117 reported cases in 2022.

“This shows that despite the headline grabbing nature of these types of scams, relationship scams are still very fertile ground criminals are using to exploit vulnerable Kiwis,” says Kai Fong.

Relationship scams are a type of fraud where criminals pretend to be interested in a relationship with another person, sometimes for romance and occasionally simply for companionship, most commonly online, and then victims are conned out of their money or tricked into sharing personal details.

“All scams can be devastating for victims, but relationship scams are particularly heinous given the time criminals invest in building the relationship with their victims. It can be months before the scammer hints or asks directly for money. They steal your heart, then they steal your money,” says Kai Fong.

In a recent romance scam case, Barry (details have been changed) came to a BNZ branch wanting help to make an international payment to Italy. Barry revealed that the funds were going to his girlfriend’s friend for an airline ticket to New Zealand. They had been dating online for almost a year and he recently started sending his “girlfriend” money. The girlfriend had asked for the money to be sent to her “friend’s account” as her friend had the credit card to purchase the airline ticket.

“There is so much social engineering involved in romance scam cases, and victims often don’t believe that they are caught up in a scam. That is what has happened in this case. Barry refused to believe this was a scam and despite being warned of the risks, he sent the money,” says Kai Fong.

In another case, romance scam victim Sally (details have been changed) believed she was sending money to her US Army surgeon boyfriend stationed in Syria. But Sally’s “boyfriend” said he couldn’t access his bank account due to a poor internet connection and needed the money urgently to fly to NZ. This customer had already sent considerable funds to her “boyfriend” from a number of banks, despite being warned of the risks. The funds for the latest transaction were the proceeds of a personal loan from a finance company.

“As in this case, criminals can go to great lengths to provide evidence to support their fake personas,” says Kai Fong.

“They set up bogus social media profiles, and often share doctored documents such as boarding passes or letters from fake employers. While relationship scams primarily involve romantic relationships, criminals can also exploit friendships built up online too.

“So, while we’ve got an eye out for red roses this Valentine’s Day, and I know it’s not very romantic, my plea is that New Zealanders keep an eye out for the red flags of romance scams this year too.”

How to recognise a romance scam: 

  • Strong emotions are expressed within a short timeframe.
  • The scammer gives you excuses as to why they cannot meet in person or video call.
  • They’ve asked you to keep the relationship a secret.
  • You’re asked to provide financial assistance.
  • You’re asked to receive money on their behalf and forward it to them.

Top tips to protect yourself from romance scams: 

  • Never send money or give personal or financial information to someone you have just met or have not met in person.
  • Do not trust someone who claims to be in love with you after a short time without meeting you.
  • Do not trust someone who asks you to communicate only through email, phone, or chat apps and avoids video calls or social media.
  • Do not trust someone who has a lot of excuses for not meeting you in person or who cancels plans at the last minute.
  • The internet is your friend – use reverse image search to check if their photos are stolen from someone else. Search for their name, email, phone number, or other details on the internet and see if they match what they have told you.
  • A great relationship isn’t a secret! Talk to your friends and family about your new relationship. They may be able to spot the signs of a scam that you may have missed.
  • Report any suspicious or fraudulent activity to the online platform where you met the person.  If you’ve sent any funds, contact your bank immediately.

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Unlocking home ownership aspirations for iwi housing – BNZ and Ngāti Whātua Ōrākei collaborate on papakāinga development

Source: BNZ statements

24 new whānau homes are under construction on Hawaiki St, Ōrākei in Tāmaki Makaurau Auckland, thanks to a new funding framework which enables lending for housing on iwi land. Bank of New Zealand (BNZ) collaborated with the central Tāmaki tangata whenua, Ngāti Whātua Ōrākei, in the development of the framework.

Under the new model, hapū members who meet BNZ’s normal home lending criteria can secure a BNZ home loan for papakāinga housing on land owned by the Ngāti Whātua Ōrākei Trust at standard home loan interest rates.

“The framework has made home ownership more accessible for our whānau,” says Grant Kemble, CEO of Ngāti Whātua Ōrākei Whai Rawa. “BNZ’s commitment to work alongside us, understand our vision, and persevere through complex legal arrangements has been commendable.”

“For our people that will move into these new homes, it will be the realisation of a dream: the security of home ownership on their whenua.”

Historically, obtaining finance for housing on Māori owned land has been challenging. The unique ownership structure and restrictions on land transferability often meant that it couldn’t be used as security for loans, creating a significant barrier for Māori home ownership.

To address this, the new framework employs standard leasehold mortgage lending practices, underpinned by a confidential Deed of Understanding. This ensures that in the face of any challenges, the land integrity and control is preserved with the iwi or hapū, in this case Ngāti Whātua Ōrākei, who would take over in the event of a distressed mortgage. This approach balances the bank’s security requirements with the enduring land rights of the iwi.

Developing the model involved significant legal work, which was undertaken with advice and guidance from Buddle Findlay and Russell McVeagh, who provided pro bono legal support to help enable the solution.

BNZ believes the framework may hold promise for broader application among other iwi and the approach has been shared with other banks in the hopes that it will help expand access to finance for development on Māori land across New Zealand.

BNZ CEO Dan Huggins says the prosperity of Māori, and Māori businesses, is vital to the prosperity of Aotearoa.

“BNZ is committed to growing the social, cultural and financial wellbeing of all New Zealanders, and our collaboration with Ngāti Whātua Ōrākei is part of our wider strategy to facilitate financial solutions for Māori which enable Māori people and businesses to prosper.

“Considerable thought has been invested in designing this framework to be as flexible as possible, and it has been shared with other financial institutions in the hope of extending its benefits to more iwi across New Zealand.

“We are committed to helping New Zealand and New Zealanders to thrive and prosper. Our collaboration with Ngāti Whātua Ōrākei is another example of how we can achieve this. We hope this example will help more iwi to assist their people into warm, dry homes of their own.”

Further bolstering the collaboration with Ngāti Whātua Ōrākei, BNZ has provided a $20 million social loan, certified by EY New Zealand, to support the construction of the homes. Ground has broken on site, with roofing expected to be laid before the summer holidays. Completion of the homes is expected in 2024.



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BNZ Foundation backs marine restoration, social vehicle leasing and community support network in first round of partnerships

Source: BNZ statements

Restoring marine biodiversity, empowering low-income families with affordable low-emissions transport, and developing new ways to support New Zealanders facing financial difficulty are the focus of three projects selected for support through the BNZ Foundation’s inaugural grant round.

$590,000 will go to three charitable programmes: Revive Our Gulf, Waka Aronui, and a new partnership aimed at improving community resilience.

“This marks a significant milestone for the Foundation as we transition from planning to action,” says Dan Huggins, BNZ Foundation Chair. “After 18 months laying the groundwork for the Foundation, we’re delighted to now be in the position to provide tangible support to projects that will make a significant, positive difference for New Zealand.

“The organisations we are partnering with share our vision for a more inclusive, resilient, and sustainable Aotearoa and align with our funding mandate to make strategic investments in the areas of regenerating biodiversity and improving financial wellbeing,” Mr Huggins says.

Restoring the Hauraki Gulf’s marine ecosystem

Revive Our Gulf—spearheaded by the Mussel Reef Restoration Trust in collaboration with iwi and research partners—is set to receive a significant boost with a three-year, $450,000 commitment from the BNZ Foundation.

The project is at the forefront of restoring the Hauraki Gulf’s soft sediment kūtai (green lipped mussel) reefs: vital ecosystems that once flourished in the region. The project aims to increase biodiversity, enhance water quality, and re-establish critical natural habitats for marine life.

Revive Our Gulf has already deployed over 350 tonnes of mussels in experimental mussel beds in the Hauraki Gulf. As these beds continue to grow in number, thorough monitoring becomes increasingly important. The BNZ Foundation’s financial support will fuel the development of a comprehensive programme for monitoring, evaluating, and reporting on the Gulf’s health and the effectiveness of restoration efforts.

Empowering low-income families with sustainable transportation

Currently in the second year of a three-year pilot in south Auckland, Waka Aronui is a social car leasing programme which aims to provide low-income whānau with safe, affordable, and low-emissions vehicles to support an equitable transition to a greener future.

Many low-income families grapple with costly, high-interest vehicle finance, often leading to unaffordable, poorly maintained, and uninsured vehicles. The pilot, spearheaded by the Ākina Foundation and the Manukau Urban Māori Authority, has shown promising results, improving financial and mental wellbeing, along with environmental benefits through CO2 emissions reductions.

With a $110,000 grant from the BNZ Foundation, a comprehensive feasibility study will explore options to scale the programme to new regions across New Zealand as well as the potential to incorporate new solutions such as vehicle sharing and e-bikes.

Growing the financial wellbeing of New Zealanders

Thanks to seed funding from a range of philanthropic foundations, including a $30,000 contribution from the BNZ Foundation, The Centre for Sustainable Finance: Toitū Tahua is establishing a new partnership between corporates, iwi and community organisations to support more resilient communities. The partnership aims to foster collaboration between corporates and community organisations and encourage new practices, products and services that ensure New Zealanders facing economic hardship can always access essential goods and services.

“These partnerships reflect our commitment to impactful investment. It’s about taking a targeted approach, making every dollar count, and ensuring that our resources bring about substantial and lasting positive change for the country,” says Mr Huggins.

John McCarthy, BNZ Foundation Independent Trustee, says, “The investment decisions we make are deeply rooted in the principles of Kaitiakitanga and Manaakitanga, values that all our partners embody. We look forward to working closely with them and accelerating positive change for our communities.”

For more information on the BNZ Foundation and its funding programmes, please visit bnz.co.nz/bnzfoundation.

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BNZ expands investment offering by launching High Growth Funds for the BNZ KiwiSaver Scheme and YouWealth

Source: BNZ statements

From today, members of the BNZ KiwiSaver Scheme and investors in YouWealth have the option of investing into High Growth Fund options.

The two High Growth Funds invest 100% in growth assets, providing the potential for higher returns for those who are more long-term minded and understand that it means holding investments through the market cycle which can have its ups and downs.

BNZ’s General Manager of Wealth Peter Forster says the funds provide those with a long investment timeframe with the opportunity to take a more aggressive approach.

“We’re excited to give our customers the choice of a fund that will suit people who are prepared to weather the inevitable market turbulence through their investment journey,” he says.

BNZ has chosen to charge the same low 0.45% per annum fee for the two High Growth Funds as it does across the majority of its BNZ KiwiSaver Scheme and YouWealth funds (the exceptions being the BNZ KiwiSaver Scheme Cash (0.30% p.a. and Default (0.35% p.a. funds).

“A management fee of just 0.45% for funds that invest 100% in equities represents real value in a market where investors are frequently charged in excess of 1% for more aggressive funds,” says Mr Forster.

BNZ is also launching an updated version of its KiwiSaver Navigator tool today that will recommend the High Growth Fund when appropriate.

The tool will provide users with a detailed breakdown of steps they need to take to get back on track if they are not currently predicted to reach their savings targets. These steps could include increasing contribution rate, changing fund choice or delaying retirement or first home purchase.

BNZ customers can request a KiwiSaver Navigator session by visiting a BNZ branch or over the phone.

 

Disclaimer:

BNZ Investment Services Limited, a wholly owned subsidiary of Bank of New Zealand (‘BNZ’), is the issuer and manager of the BNZ KiwiSaver Scheme and YouWealth. Download a copy of the relevant Product Disclosure Statement from bnz.co.nz/kiwisaver or bnz.co.nz/youwealth.

Investments made in the BNZ KiwiSaver Scheme or YouWealth do not represent deposits or other liabilities of BNZ or any other member of the National Australia Bank Limited group, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of BNZ or any other member of the National Australia Bank Limited group, the Supervisor, and any director of any of them, the Crown or any other person guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or YouWealth, or the repayment of capital.

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BNZ FY23 Results: Solid performance as economy slows

Source: BNZ statements

BNZ announced a statutory net profit of $1,509 million for the 12 months to 30 September 2023, up 6.7% or $95 million on the previous year. The result reflects a strong first half, with a decline in Net Profit of 12.5% in the second half reflecting the broader economic slowdown in New Zealand.

CEO Dan Huggins says challenging economic conditions have impacted business and household confidence and this has flowed through into BNZ’s result in the second half of the year.

“Inflation, while softening, remains high, and as the official cash rate has risen, businesses and households have taken a more cautious approach to borrowing.

“Despite the slowing economy and intense competition across the banking sector, we’ve continued to see growth across the business as more New Zealanders choose to bank with BNZ.

“Customer deposits are up 5.8% to $78.5 billion compared to the same period last year. Home lending increased 5.3% to $57.7 billion, with nearly 5,000 home loan customers switching to BNZ from other lenders in the 12 months to 30 September.”

Mr Huggins says BNZ remains strong, stable and well capitalised. “With more than $12 billion in total capital, we’re well positioned to continue supporting our customers and the New Zealand economy.”

Supporting our customers 

BNZ recognises the cost-of-living pressures that are challenging household budgets, and the concerns New Zealanders have about keeping safe from scams and frauds.

“While most of our home lending customers have moved onto higher rates, we continue to proactively contact those who we have identified as potentially needing additional support,” says Mr Huggins.

“With an increase in scams and fraud impacting more New Zealanders, protecting our customers and helping them stay safe online remains a priority. We continue to invest significantly in fraud protection measures, and we support the establishment of a multi-agency anti-scam centre and the introduction of account name and number matching, which will add additional layers of protection for New Zealanders.

“We continue to work alongside our business customers as they navigate their way through a variety of ongoing challenges. The impacts of adverse economic conditions and this year’s severe weather events are still being felt by a number of our customers.

“We have made $1 billion in low-cost lending available through our Business Recovery and Resilience Fund, committed more than $50 million in interest relief, and provided nearly $900,000 in cash and community grants,” says Mr Huggins.

Outlook 

 Economic growth is expected to remain flat for the next 12 months, however, Mr Huggins says BNZ is cautiously optimistic that business and household confidence will begin to rebuild in 2024.

“New Zealanders are resilient, and while the year ahead will remain challenging, we are optimistic about New Zealand’s future potential and prosperity. As BNZ has done for the past 160 years, we’ll continue to support our customers and New Zealand.”

 Key Financial Items

 Note: compared to the year ended 30 September 2022, unless otherwise stated.

 Statutory net profit of $1,509 million increased by $95 million, or 6.7%

  • Loans and advances to customers increased by $2.5 billion to $102 billion driven by home loan growth
  • Customer deposits and other borrowings increased $2.8 billion to $81 billion
  • KiwiSaver funds under management increased by $733 million, up 17%
  • Total Capital Ratio 15.7% – more than $12 billion invested in New Zealand

An unaudited summary of financial information for the 12 months ended 30 September 2023 follows:

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Boost for early breast cancer detection in New Zealand

Source: BNZ statements

The mission to improve the rates of early breast cancer detection in New Zealand has been given a three tonne, 188 horsepower boost, with BNZ gifting a Mercedes-Benz Sprinter van to Breast Cancer Foundation New Zealand’s fleet of breast health education vehicles.

As Breast Cancer Foundation NZ begins a series of events to mark Breast Cancer Awareness Month, including the Pink Ribbon Walk and the Pink Ribbon Street Appeal, it’s CEO Ah-Leen Rayner, says, “Early detection is one of the best tools we have to beat breast cancer. With this new vehicle from BNZ, we will be able to better support remote parts of New Zealand and ensure all our communities can access life-saving breast health education.”

BNZ CEO Dan Huggins says the gift reflects the bank’s commitment to support the communities it’s proud to serve.

“We’re delighted to support the Foundation’s mission, particularly during Breast Cancer Awareness Month. The Foundation has played a vital role reaching into communities across Aotearoa for decades, and with this contribution we look forward to seeing this life-saving work reach even more New Zealanders.”

Since 2014, the Foundation’s early detection education programme has been run across New Zealand through its Pink Caravan, but the iconic retro vehicle relies on volunteers with the ability to tow it around the country.

The addition of the vehicle gifted by BNZ will enable the Foundation’s nurses and other staff to access remote regions the caravan couldn’t easily get to, allowing the charity to talk to even more women and whānau about the importance of early detection, without relying on volunteers.

The importance of early breast cancer detection is underscored by a ten-year survival rate for women diagnosed early standing at 95 percent. The Foundation, in collaboration with Breast Screen Aotearoa, has been leading the charge, especially in areas with low screening rates.

“We know how important early detection is, particularly for Māori and Pacific women, who have poorer outcomes when it comes to breast cancer,” says Rayner. “That’s why our early detection programme is so vital and is a key theme in our breast health messaging – the importance of regular mammograms and self-checks.”

The former BNZ sprinter van is being overhauled to set it up for community outreach. Once finished, it will boast consultation spaces, technology and an awning for outdoor events, all tailored for breast health education and community engagement. It is also being wrapped in bright pink Breast Cancer Foundation vehicle colours.

“We’re incredibly grateful to BNZ for contributing to our early detection programme, giving us the ability to access more remote locations, be more flexible with the timing of our visits, and increase the frequency of our visits.”

Breast Cancer Foundation NZ’s latest vehicle will be on the road early next year.

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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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