Westpac becomes first NZ bank accredited to issue digital ID credentials.

Westpac NZ’s business customers will soon be able to receive trusted digital credentials and share them with their customers and other third parties, making for easier and more secure banking experiences.

Westpac has become the first New Zealand bank accredited to issue digital credentials under the Government’s Digital Identity Services Trust Framework, and these credentials will be held in the Govt.nz app wallet.

Once digital ID is rolled out for Westpac One Business customers, they’ll be able to show digital proof of their bank account to customers who ask for it when they make a payment. 

“This means businesses don’t need to download a bank statement, redact information by hand or send documents using less secure methods such as email – saving them time and reducing the risk of fraud and scams,” says Westpac NZ Chief Data, Digital and AI Officer Russell Jones.

“We know trust and control are very important to New Zealanders when sharing personal information online. Digital ID provides a modern, trusted and simple way to share it while keeping you in control.

“Digital ID and its benefits have been talked about for a long time but it needs positive action to make it a reality.  We’ve invested heavily to become the first bank and only the third organisation to reach this milestone because we’re keen to help lead the rollout.”

Seamless customer journey

Digital ID will give people buying from a Westpac business customer more confidence that they’re paying into the correct bank account.

For example, someone buying a car from a dealer who banks with Westpac might ask for proof of the dealer’s bank account details.  After downloading the Govt.nz app wallet, the dealer can log in to Westpac One Business, choose an account and generate a QR code.

The dealer scans the Westpac QR code in the wallet, then enters a code sent by text message.  They now have a Westpac Business Bank Account credential, valid for 72 hours, to show the buyer as proof of the account.

The credential can also be shown to other organisations that need to verify it, including through platforms such as NZ Verify.

“Teams across the bank have worked hard to make us the first to gain this government accreditation, and we look forward to helping customers save time and effort from today,” Mr Jones says.

“We’re also grateful to Kiwi-based tech solutions company Mattr for their expertise and insight in supporting us on the rollout.”

“Exciting future ahead”

Mr Jones says digital ID has a wide range of possible uses and Westpac’s issuer accreditation is just the first step.

“We’ll be working hard over the coming years to broaden the scope of digital ID.  For instance, rolling out credential issuance via the Westpac One online banking platform will simplify online verification for our retail customers, allowing them to apply for loans or open new accounts by sharing digital credentials rather than physical copies of sensitive documents.

“Digital ID’s potential goes well beyond banking.  Imagine the convenience of having a digital version of your driver’s licence, Kiwi Access Card or passport in your phone. 

“Everything from proving your age to setting up utilities to travelling overseas could be simplified without compromising on security.

“There’s an exciting future ahead, with more choice, convenience and customer control.

“At the same time, digital ID will only succeed if there’s large scale adoption of credential verification.  That means a wide range of sectors including banking, hospitality and telecommunications working with local and central government to make digital ID part of the everyday customer experience.

“As we continue to invest in our rollout, we’re keen to share our experiences with organisations who are at the start of their digital ID journey.”

ENDS

Editor’s note: Westpac NZ’s Service Owner for Digital Identity, Joe Standen, recently published an op-ed exploring the benefits of digital ID.