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Business Bank Account Verifiable Credential
Share trusted proof of your business bank account details securely with participating organisations using a digitally verifiable credential issued by Westpac.
What is the Business Bank Account Verifiable Credential?
The Westpac Business Bank Account Verifiable Credential is a secure digital credential that provides trusted proof of business bank account details.
Issued by Westpac New Zealand Limited (Westpac), the credential can be generated by your Westpac One Business® Administrator for an eligible business account and stored in the NZ Government digital wallet.
The credential can then be securely shared with trusted third parties to confirm account information without the need to provide bank statements, screenshots, or other supporting documents.
The credential is digitally signed by Westpac and can be electronically verified, helping organisations confirm that the information is authentic and hasn’t been altered.
DISTF accredited.
Westpac is accredited by the Digital Identity Services Trust Framework (DISTF), as a Trusted Issuer of the Business Bank Account Verifiable Credential.
What information does the credential include?
The Business Bank Account Verifiable Credential may include:
- Company name
- Trading name
- Account name
- Account number
- Account type.
The information included is verified by Westpac at the time the credential is issued.
How does the credential work?
- A Westpac One Business Administrator generates a Business Bank Account Verifiable Credential for an eligible account through Westpac One Business.
- The credential is issued by Westpac and stored in the NZ Government digital wallet.
- The credential can be shared with a trusted third party when proof of account details is required.
- The Verifier (or Relying Party) verifies the credential (i.e. using NZ Verify), proving the credential was issued by Westpac and has not been altered.
- The organisation can rely on trusted account information without requiring bank statements, screenshots, or other supporting documents.
Only Westpac One Business Administrators can generate a Business Bank Account Verifiable Credential. The credential contains information about the business account and can then be shared by the credential holder as needed.
This provides a more secure and efficient way for businesses to share verified bank account information while maintaining control over when and with whom it is shared.
What are Levels of Assurance?
Levels of Assurance help organisations understand how much confidence they can place in the information contained within a verifiable credential.
Read more about Levels of Assurance.
What are the Levels of Assurance for the Bank Account Verifiable Credential?
The Levels of Assurance for the Business Bank Account Verifiable Credential are:
| Attribute | Bound to the | LoAA | LoIA | LoBA | DISTF LoA |
| Credential authenticator | Holder & Credential | 2 | N/A | N/A | N/A |
| Credential active from (date and time) | Holder | N/A | 4 | 4 | Very strong |
| Credential expiry (date and time) | 4 | 4 | |||
| Bank account name | Organisation | N/A | 4 | 2 | Standard |
| Bank account number | 4 | 2 | |||
| Type of account | 4 | 2 | |||
| Organisation name | 2 | 2 | |||
| Trading name | 1 | 2 | Basic |
Levels of Assurance are also available on the Trust Framework Register.
Supported standards and formats
The Business Bank Account Verifiable Credential follows the ISO/IEC 18013-5 mDoc format and security model and carries claims defined in ISO/IEC TS 23220 namespaces.
Eligible accounts.
A Business Bank Account Verifiable Credential can only be generated for:
- Transaction accounts
- Savings accounts.
Credentials cannot be generated for:
- Closed accounts
- Loan accounts
- Foreign Currency Accounts
- Credit accounts.
Third-Party Access.
In some situations, a third party may have authorised access to a business account through Westpac One Business®. Where a Westpac One Business Administrator has access to an eligible account, they can generate a Business Bank Account Verifiable Credential on behalf of the account owner.
The credential will always display the details of the company that owns the account, not the details of the individual or organisation generating it.
This may be useful where authorised third parties support a business's financial administration, such as:
- Accountants managing accounts for clients
- Bookkeepers supporting business operations
- Businesses acting on behalf of another organisation.
For example, an accountant with administrator access to a client's account may generate a credential to help the client provide proof of account details when applying for a tax refund or onboarding with a service provider.
The credential does not transfer ownership of the account or provide any additional account permissions beyond those already granted through Westpac One Business.
What the credential does and doesn't prove.
The Business Bank Account Verifiable Credential confirms:
- The account existed and was open at the time of issue
- The holder had authority to access the account at the time the credential was issued
- The account information was verified by Westpac.
The credential does not:
- Provide authority to transact on the account
- Provide ongoing authority to access the account
- Authorise someone to act on behalf of the account owner
- Act as security for a loan, debt, or other obligation
- Change account ownership or permissions.
Payment and Direct Debit authority.
The credential provides proof of bank account details only.
It can't be used to:
- Authorise payments
- Set up direct debits
- Authorise withdrawals
- Transfer account access or permissions.
The credential functions in a similar way to a proof-of-account letter, rather than a payment authority.
Credential validity and expiry.
The Business Bank Account Verifiable Credential is valid for 72 hours from the date and time it is issued. The credential confirms the account status and access permissions that existed at the time of issue.
After 72 hours:
- The credential expires
- The credential can no longer be verified
- A new credential must be generated if proof of account details is still required.
Anyone relying on a credential should verify that it remains valid at the time it is presented.
How is a verifiable credential different from a PDF proof of account?
Both a verifiable credential and a PDF proof of account can be used to demonstrate bank account details. However, a verifiable credential offers additional benefits because it:
- Is digitally signed
- Can be electronically verified
- Helps prevent tampering
- Can be reused in digital processes.
Unlike a PDF document, a verifiable credential can be independently verified without relying on manual checks.
How do I keep my credential safe?
To help keep your credential secure, you are responsible for protecting both your registered mobile number and any device that stores or accesses your credential. This includes keeping your device secure, preventing unauthorised access and reporting any lost, stolen or compromised devices as soon as possible.
What should I do if my credential has been lost or compromised?
If you believe your credential has been lost or compromised, contact us for assistance.
Please note:
- Credentials cannot currently be suspended or revoked
- Credentials automatically expire after 72 hours
- Reporting a lost credential does not affect your bank account or account access
- After expiry, the credential can no longer be used or verified.
Complaints and Feedback.
If you have a complaint or concern about the Business Bank Account Verifiable Credential or how it has been issued or used, please contact us.