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Westpac NZ has partnered with New Zealand-owned fintech Akahu to provide customers with more information about their transactions.
Westpac customers can now click into credit card, debit card and EFTPOS transactions in online banking or via the Westpac One app to view details such as a business’s full name, where it's located (including maps for some transactions) and business contact information such as a phone number or website.
Simon Macdonald, Westpac NZ Head of Everyday Banking Product, says the additional information will give customers confidence in their transactions.
“We’ve all had the experience of looking at an unfamiliar business name or acronym on a bank statement and being unable to remember making that transaction.
“We know this can lead to concern from customers that their cards may have been compromised and our contact centre teams currently receive around 900 to 1,000 calls every week from customers querying transactions.
“We’re really pleased to be working with Akahu to deliver this extra level of detail, saving our customers time and stress.”
Josh Daniell, co-founder of Akahu, says they’re thrilled to be working with Westpac to support this service.
“As a New Zealand-based business, we’re able to enrich the vast majority of transactions with local businesses of all sizes and in all locations, meaning we can supply merchant details for everything from a local convenience store in Kaitaia through to a fish and chip shop in Invercargill,” Mr Daniell says.
In the coming weeks, Westpac customers will be able to see even more detail, including business logos for the majority of merchant transactions; more details about the payment method, such as whether it was an online transaction or made in store; and enrichment of direct debits and bill payments.
“We’re continuing to work hard to help make customers’ purchases even more recognisable, more quickly,” Mr Macdonald says.