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More Westpac NZ customers than ever are adopting open banking to share information and make safe and secure payments, with a six-fold increase in users over the past year.
In September alone more than 14,000 new users adopted open banking, and there was a 46% increase in account access requests from August. In the past three months, one in eight Westpac One customers have used open banking.
Westpac NZ Chief Data, Digital & AI Officer, Russell Jones, says it is encouraging to see people embracing simpler banking experiences that give them greater control over their financial information.
"People clearly want the freedom to share the data they own with whoever they choose in a secure way, and we're working hard and investing to give them that choice," he says.
"To date we have facilitated more than 700,000 payments, with the total value of more than $300m. This includes more than 181,000 unique users who have benefited from open banking payments or data sharing.
"Customers can already make one-off and recurring payments from their accounts. They are also able to easily and securely share specified data, such as transaction history, to support lending applications, budgeting, savings and wealth solutions.
"We have integrated with 11 third parties, including Akahu, POLi and Worldline, and our focus is on enabling a secure, standards-based ecosystem that gives our customers more choice and supports innovation."
Westpac NZ was the first bank to meet the deadline to be open bank ready for retail customers by December last year and is well on track to meet the June 2027 deadline to provide open banking to all eligible customers on its new Westpac One Business® platform.
"That means SME customers will be able to share their data with accredited fintechs, to make their banking faster and easier," Mr Jones says.
"We will continue to invest heavily to make open banking a success and are committed to continuing to connect customers with trusted third-party apps and services to give them more ways to make payments and manage their money," he says.