Māori fintech BlinkPay partners with New Zealand banks to introduce open banking, aiming to enhance financial services and security.
Facts
- BlinkPay, a fintech company in Auckland, New Zealand, is collaborating with local banks to introduce open banking services.
- Supported by New Zealand’s payment systems regulator and the Consumer Data Right (CDR), four major banks – ANZ, BNZ, ASB, and Westpac – are instructed to implement open banking by May 2024.
- Open banking enables businesses and consumers to optimize banking data for faster, more secure payments and personalized services, reducing transactional costs and minimizing data sharing.
- BlinkPay sees open banking as a transformative force, emphasizing improved choices, security, and financial management for consumers and businesses.
- The UK recently recorded over 11 million open banking payments in July, marking a 9.3% increase from the previous month, highlighting the global momentum in open banking adoption.
