open-banking initiatives<\/a> took another step forwards today as local financial technology (fintech) company, BlinkPay launches its instant payment technology.<\/p>\nOpen banking allows consumers to share bank account information with third party financial services companies to manage money, payments, or offer alternative financial products.<\/p>\n
BlinkPay said its technology would allow transactions to be settled in seconds, instead of half-hourly or overnight using the present payment system.<\/p>\n
Chief executive Adrian Smith said its technology used the existing payment infrastructure more efficiently.<\/p>\n
“This capability is ready to go and represents a potential game-changer for New Zealand’s payments landscape.”<\/p>\n
BNZ buys up and signs up<\/p>\n
BNZ bought BlinkPay in 2024 and has committed to adopting the technology, although it operates the company independently.<\/p>\n
Chief executive Dan Huggins said the technology offers the potential to give people and business more choice in how they send and receive money.<\/p>\n
“This technology works alongside the existing payment system, expanding the range of options rather than replacing what already works really well.”<\/p>\n
Smith said the technology would allow tradies to get paid as soon as a job was finished, consumers to pay for a car instantly and driving it off the forecourt, or distributing emergency funds in a civil emergency in real-time.<\/p>\n
Other uses might include instant property settlements, rental bond transfers, and insurance claims.<\/p>\n
Smith said that any bank or open-payment provider that met Payment NZ standards could use its service, and he wanted more big banks to pick it up to improve efficiency.<\/p>\n
Sign up for Ng\u0101 Pitopito K\u014drero<\/a>, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.<\/p>\n","protected":false},"excerpt":{"rendered":"BNZ bought BlinkPay in 2024 and has committed to adopting the technology. Photo: RNZ \/ Marika Khabazi BlinkPay…\n","protected":false},"author":2,"featured_media":81944,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[64,1590,63,1589,203,44,1591,1588,1586,1587,105],"class_list":["post-81943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-au","tag-audio","tag-australia","tag-current-affairs","tag-mobile","tag-news","tag-podcasts","tag-public-radio","tag-radio-new-zealand","tag-rnz","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/81943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=81943"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/81943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/81944"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=81943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=81943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=81943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}