Bank of New Zealand (BNZ) has announced its acquisition of BlinkPay, a New Zealand-based fintech company specializing in Open Banking. This strategic move aims to accelerate BlinkPay’s growth and expand its innovative technology and products by leveraging BNZ’s extensive resources.
Despite the change in ownership, BlinkPay will retain its independent leadership and decision-making processes. Leaders at BlinkPay highlighted that, as a Māori-led organization, the company brings a unique perspective to financial innovation. The support from BNZ allows BlinkPay to uphold its core values while working toward its mission of making financial services more accessible to New Zealanders.
BNZ has been a prominent player in New Zealand’s Open Banking sector since 2018, serving over 250,000 customers with its Open Banking solutions. BNZ’s Chief Operating Officer, Huggins, stated that the partnership with BlinkPay signifies a deepened commitment to developing services and tools that enhance financial access and outcomes throughout the nation.
The collaboration will focus on enhancing Open Banking capabilities that serve both consumers and businesses, aligning with BNZ’s goal to drive innovation within New Zealand’s financial ecosystem.
BNZ’s Recent Developments
In August 2024, BNZ adopted the Payments NZ Account Information API v2.1 standards, allowing clients to securely share financial data with authorized providers. This upgrade supports safe, efficient data sharing and sets the stage for full-scale Open Banking implementation.
Payments NZ marked a significant milestone in establishing the Open Banking framework, mandating major financial institutions to adopt the Account Information API v2.1 standards by November 2024. This follows an earlier requirement from May 2024, compelling banks and financial institutions to support direct account payments through third-party applications using payment APIs.
BNZ chief executive Dan Huggins welcomed the investment in the emerging payments fintech, extendings its capabilities in Open Banking.
“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.”
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