What is open banking?

Open banking is a payments industry initiative led by Payments NZ that involves several participating banks, including Westpac. It enables participating banks to give approved third-party service providers access to banking technology. The approved service providers can then provide their payment and financial services to bank customers.

The aim is to provide New Zealanders with more options for making payments and managing their money.

What this means for Westpac customers

An approved service provider can ask for your consent to securely connect to your Westpac One account, so they can provide you with their services. If you choose to provide your consent, you’ll be able to:

  • Make a payment directly from your bank account. For example, to an online store
  • Securely share your account information. For example, if you want to provide your statements to a mortgage provider for a home loan application.

How does the approval process work for third-party service providers?

Eligible service providers must be approved by Westpac before providing their services to Westpac customers or other businesses.

When will these services be available?

  • Starting in May 2024, you’ll be able to make a one-off payment directly from your bank account to another account in New Zealand using an approved service provider.
  • Starting in November 2024, you’ll be able to share your transactional account information using an approved service provider.

How does it work?

How the one-off payment process works

If you want to make a one-off payment using an approved service provider, you’ll need to have a Westpac transaction account and approve the payment using your Westpac One login details.

  1. Check your payment options at the checkout.
  2. Select the service provider’s payment option to pay from your account.
  3. Select ‘Westpac’. You’ll then be redirected to Westpac One or the Westpac One app.
  4. Log in like you normally do. (If you’re unsure it’s secure, you can check Am I on the real Westpac online banking site?).
  5. Check the payment details – this includes the amount and who you are paying.
  6. Confirm which account you’d like to pay from.
  7. Select ‘approve’ to authorise the payment. You’ll then be taken back to the app or website you came from to complete the transaction.

If you experience a problem with the payment, please contact the service provider or contact us.

How account sharing works

If an approved service provider wants you to share your account information, the process is similar to making a payment.

  • The service provider will prompt you to share your account details.
  • You'll be redirected to Westpac One or the Westpac One app and need to log in like you normally do. If you’re unsure it’s secure, you can check Am I on the real Westpac online banking site?
  • Follow the prompts to select the account information you want to share.
  • Select ‘continue’ to authorise the sharing of your information.

Is it secure?

Open banking protects your information with bank-level security and technology

Your data is protected through a highly secure channel that allows Westpac and the approved service provider to safely communicate with each other and share information.

The approved service provider connects directly with Westpac One, so you never need to share sensitive information like your username or password with the service provider.

You can find more information about staying safe online here.

More info.

To find out more about open banking, visit Payments NZ. We’ll also keep you updated through our website, social media and other channels as new services become available.

Contact us.

If you're a developer or business customer interested in using the Westpac open banking Application Programming Interface (API) in your application, contact us to register your interest and our team will get in touch. We aim to respond within 2 to 3 business days.

Would you like to register your interest to use the Westpac open banking API in your application?

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