Westpac NZ hits open banking milestone

Open banking readiness confirmed

Westpac NZ hits open banking milestone

Westpac NZ has reached a significant milestone, confirming its operational readiness to collaborate with approved third parties on delivering open banking solutions to improve New Zealanders’ banking experiences.

The bank has made Payments NZ’s API Centre Payment Initiation v2.1 API Standard available for third parties to connect to.

Commitment to open banking

Russell Jones, Westpac NZ chief information officer, stressed the bank’s dedication to open banking.

“We’re committed to the successful rollout and adoption of open banking, and we look forward to helping provide New Zealanders with more options for making payments and managing their money in a safe and secure way,” Jones said in a media release.

See LinkedIn post here.

Benefits for customers

Open banking promises to offer new ways for customers to manage their finances.

“Open banking has the potential to provide far-reaching opportunities for customers to manage their money in new ways, from plugging into budgeting tools to splitting the cost of a meal in a quick and easy fashion,” Jones said.

Building consumer confidence

Consumer confidence is crucial for the successful uptake of open banking.

“Consumer confidence is key to the successful uptake of open banking, and we continue to work with the industry on future API standards that are safe and secure, as well as providing a seamless and efficient partnering process with third parties that creates trust in the system,” Jones said.

Future partnerships

Westpac NZ has entered into several partnerships with API providers and is finalising details of these agreements.

“We are also in discussions with a range of other providers regarding potential future partnerships,” Jones said.

Customers seeking more information about open banking can visit the Westpac NZ website to learn more.

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