Category: Open Data

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Too many subscriptions? BNZ first with open banking tech that can simplify recurring payments

Source: BNZ statements

From streaming services to gym memberships, keeping track of subscriptions and recurring payments can be a challenge. BNZ is making it easier by becoming the first New Zealand bank to adopt the latest Payments NZ open banking standard.

The new standard allows for recurring payments to be processed directly between bank accounts through a secure API. This allows different systems like banks, apps or third-party service providers to securely connect and share payment instructions in real time, unlocking new functionalities for businesses and customers.

To bring these benefits to life, BNZ is working with homegrown fintech BlinkPay to help businesses seamlessly integrate new payment options. Through integration with online banking, Blink AutoPay allows businesses to process regular payments from customer accounts with improved flexibility and control for both parties.

“Blink AutoPay is purpose-built to be a modern, customer-friendly solution that makes recurring bills simpler and more efficient for everyone involved,” says BlinkPay CEO Adrian Smith.

“Customers can approve payment arrangements instantly in their banking app without any paperwork hassle, set their own payment limits, and have better visibility of what’s coming out of their account and when.

“Businesses will benefit by being able to more easily offer customers subscription options that ensure bills get paid on time, every time. Whether it’s utilities, digital services, memberships, or any recurring payment, it means more reliable payments, better cashflow, and happier customers.”

Karna Luke, BNZ’s Executive of Customer Products and Service, says, “We’re excited about the opportunities this creates for businesses to build new and innovative payment experiences to best meet the needs of their customers. This is about making payments more reliable and flexible while retaining bank-grade security – ultimately making financial services work better for all New Zealanders.

“With over 250,000 BNZ customers already using secure API-connected services, this update continues to drive innovation in the country’s growing open banking ecosystem.”

For more information about BNZ’s open banking capabilities and developer resources, visit https://developer.bnz.co.nz/

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BNZ and BlinkPay to accelerate open banking in New Zealand

Source: BNZ statements

BNZ today announced it has joined forces with leading New Zealand open banking fintech BlinkPay.

The investment will enable BlinkPay to accelerate and scale its innovation and product development through access to BNZ’s resources and expertise.

With BNZ as BlinkPay’s new owner, co-founder Adrian Smith becomes the fintech’s CEO, ensuring BlinkPay retains its own leadership and decision-making, along with its entrepreneurial spirit and startup culture.

“As a Māori-led business, we bring unique perspective to financial innovation. BNZ understands and values this – and they’re backing our vision while enabling us to retain our startup DNA,” Smith says.

“Our kaupapa has always been about making financial services work better for all New Zealanders. BNZ’s support gives us the resources to accelerate our mission and help grow the open banking ecosystem across Aotearoa.”

BNZ CEO Dan Huggins says the investment builds on BNZ’s established leadership in open banking.

“BNZ has been at the forefront of open banking in New Zealand since 2018, with more than 250,000 customers already benefiting from innovative financial services enabled by BNZ’s open banking technology.

“This represents the next phase in our journey. With BNZ supporting BlinkPay’s innovation and agility, we can accelerate the development of new products and services that will benefit all New Zealanders.

“We’re proud to be investing in a team that has proven their ability to innovate and deliver.”The partnership will focus on developing new open banking capabilities that improve financial outcomes for consumers and businesses across Aotearoa New Zealand.

The post BNZ and BlinkPay to accelerate open banking in New Zealand appeared first on BNZ Debrief.

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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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