Mark Wood

We're operationally ready to work with approved third parties on delivering Open Banking solutions that will help improve New Zealanders’ banking experiences. As of today, we've made Payments NZ’s API Centre Payment Initiation v2.1 API Standard available for third parties to connect to. Westpac NZ Chief Information Officer Russell Jones says work continues across the bank to make open banking a success in the months and years to come. “We’re committed to the successful rollout and adoption of open banking, and we look forward to helping provide New Zealanders with more options for making payments and managing their money in a safe and secure way,” Mr Jones says. “Open banking has the potential to provide far-reaching opportunities for customers to manage their money in new ways, from plugging into budgeting tools to splitting the cost of a meal in a quick and easy fashion. “Consumer confidence is key to the successful uptake of open banking, and we continue to work with the industry on future API standards that are safe and secure, as well as providing a seamless and efficient partnering process with third parties that creates trust in the system. “We have entered into a number of partnerships with API providers to date, and are finalising details of our API agreements with these providers. We are also in discussions with a range of other providers regarding potential future partnerships.” For more on Open Banking see: https://lnkd.in/gK9RGCPp and for more on the API Centre Payment Initiation v2.1 API Standard see: https://lnkd.in/gQji5Muh Catherine McGrath Sarah Hearn Richard Dalby Joanne Freeman Dan Symons Ara Krishnaraj Marty Sellwood Steve Wiggins Max Bania Will Hine Sarah Wall Annabel Olsen (Cramer)

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Next week could be very interesting! David Adams at Smart Company reports Australia’s big four banks will face parliamentary scrutiny on #Payments, with both Labor and Coalition lawmakers set to demand answers about the card payment fees levelled on small businesses and their customers, adding to the cost of living. https://lnkd.in/gQAhrMQ7 Jerome Laxale MP labelled those fees a “rort”: “I just want to make it very clear that, as a former small-business owner, I do not begrudge any small business for passing on these exorbitant fees.” Deputy chair of the Standing Committee on Economics Garth Hamilton said least-cost routing — the ability for merchants to automatically channel tap-and-go debit payments through the eftpos system, rather than the more expensive Visa, Mastercard, and American Express systems — remains a topic of great interest. Independent Payments Forum said: “We can’t afford to drop the ball on fixing the fundamentals of cards fees by getting sidetracked with industry ‘blue sky’ distractions and Kool-Aid drinking." Instead, lawmakers should first consider issues like the sweetheart deals big supermarkets. Brad Kelly Gabby Taylor Russell Zimmerman Peter Drennan Australasian Convenience and Petroleum Marketers Association (ACAPMA) AACS (Australian Association of Convenience Stores) Council of Small Business Organisations Australia (COSBOA) Luke Achterstraat Matthew Addison Mark McKenzie (BEng,MBA,GAICD) Theo Foukkare Wes Lambert CPA, FGIA, CAE, MAICD Ellis Connolly Jerome Laxale MP Reserve Bank of Australia #CostOfLiving #Payments #LeastCostRouting #SmallBusiness

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“Open banking unlocks a future where financial empowerment is for all New Zealanders. Knowing facts about your money should be as simple as knowing the time, and the CDR will enable the innovation to make this a reality.” Last week, Open Finance ANZ launched the first edition of their Aotearoa New Zealand Open Banking Ecosystem Map and our very own Jason Leong contributed insight as a veteran player in the space on all the ways people in New Zealand can securely share their financial data. The report highlights what’s happening now and how things are shifting towards using standardised systems as new rules come into play. It shows that open banking in New Zealand is evolving at its own pace, prioritising innovation, collaboration, and consumer empowerment - it is a system that reflects Kiwi values while looking ahead to align with global trends. It’s an encouraging report, and one of many fantastic outcomes from the continual cross-industry collaborative efforts. Thanks for all of your work on this Open Finance ANZ, Mastercard Open Banking, Payments NZ, FinTechNZ, FinTech Australia, Jennifer Harrison, Brenton Charnley, Josh Daniell and everyone else who had a hand in putting this together! You can read the report here ⬇️ #openbanking https://lnkd.in/gudyds5D

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The Reserve Bank of Australia recently released a report stating they are only aware of one payment service provider (PSP) that is currently offering a truly dynamic Least-Cost Routing (LCR) solution 💡 This dynamic approach evaluates and routes each individual transaction to the lowest-cost network, ensuring merchants save on transaction fees 💰unlike the simple or threshold-based models used by most PSPs, which could limit potential savings 😐 It’s exciting to see innovation in the payment space, and for merchants looking to optimise costs, a dynamic LCR solution could be a game changer ⚡ If you want to know more about DLCR - Say hello 👋 at https://ipsi.com.au/ #fintech #payments #merchantsolutions

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"At Bizcap, we don’t look for reasons to say ‘no’—we find ways to say ‘yes’." So says Bizcap's Chief Revenue Officer Rebecca Del Rio. With $1 billion in loans funded and a 4.9/5 Trustpilot rating, Bizcap has revolutionised SME lending through a flexible and open-minded approach. Fast approvals, same-day funding and a hands-on partnerships model have helped Bizcap empower small businesses across Australia, New Zealand and the UK. Discover how Bizcap is transforming SME lending and helping brokers and advisers secure funds for their clients in this article by The Adviser Magazine #Bizcap #SMELending #BusinessLoans #BrokerSupport #Growth

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Fintech players are shaking up the savings game with high-interest accounts that could outdo your traditional bank! 🏦💰 Ready to see how they stack up? 👀 Let us know what you think below ⬇️

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In 2024, we are at a pivotal moment in the evolution of payment systems in Aotearoa. At BlinkPay, we have commissioned a piece of pioneering research which identifies and quantifies payment-related pain points experienced by merchants operating in New Zealand. These pain points range from dealing with late payments and high merchant service fees, to combating fraud and handling customer disputes. These issues negatively impact businesses’ operational efficiency, as well as their growth and sustainability in a competitive market. As Dr. John Small says, "...there are great things brewing in the Aotearoa payments sector that will reduce costs and add value by solving problems you may not have even identified yet." This report gives you some insight into what these problems are. Click on the link above to download the report. https://hubs.li/Q02KV0G00

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New GoCardless 'Pursuing Payments' report shows anxious SMBs are grappling with late payments #australianfintech #fintech #fintechnews #finance #financialtechnology #technology #latepayments #payments #SmallBusiness

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At Wych, we're activated by the developments happening in the NZ payments and open banking landscape, paving the way for a future of innovation. Here's a quick overview of the latest initiatives: 🔍 Open Banking in NZ: The Commerce Commission has authorised Payments NZ to refine the open banking partnering framework, making it easier for third parties to collaborate with API providers. This step is crucial in accelerating the adoption of open banking across the country. Additionally, the Commission’s final report on the personal banking sector highlights open banking as a game-changer for innovation, competition, and consumer choice. https://lnkd.in/gQYdV7v8 💡 Consumer Data Right: The Customer and Product Data Bill, which passed its first reading, is now under public consultation. This legislation will transition NZ from an industry-led open banking model to a regulated open data economy, with banking and energy as the initial sectors. Public feedback is open until September 5th, 2024. https://lnkd.in/gjd44hb8 💳 Digital Identity and Payments: The Digital Identity Services Trust Act has been enacted, with the Trust Framework Authority established to guide the accreditation process for digital identity providers. Payments NZ is advancing the business case for real-time payments in NZ, offering greater functionality, enhanced fraud protection, and richer data. https://lnkd.in/gcaXH4Xn 🌐 Cross-Tasman Innovations: Across the Tasman, Australia is also making significant strides. At CEDA - Committee for Economic Development of Australia, announced its move forward with action initiation, a critical step that could set the stage for greater consumer control over data and drive economic growth. https://lnkd.in/g_YVvnue These milestones are not just technical achievements; they are laying the foundation for a future where trust, security, and innovation drive the digital economy in New Zealand, Australia and beyond. At Wych, we're thrilled to be part of this journey and look forward to continuing to contribute to this evolving landscape. Dermot Butterfield Greg Oris Vanessa Ronan-Pearce 🎶Mark Pinder Anna Fitzgerald Mike Page Simone Jemmett Lisa Ibarra Matthew Bell Phil Cass Jamie K Leach (MAppFin - GAICD) Ben Ford Rehan Mark D'Almeida Steve Wiggins Jane-Renee Retimana Colin W. James Little Stephen Jones Andrew Bayly Nicola Willis MP Ruth Hatherley Dan Jovevski Tim Poskitt Brenton Charnley Hannah Glass #openbanking #openfinance #opendata

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Things worth reading: 20th August 2024 - Things we're reading today include ... Must-Follow Bank and Fintech Trends for 2024 and 2025 (thefinancialbrand.com) Commonwealth Bank reveals how much it spends providing cash at branches and ATMS

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Banjo - Business Loans urges SMEs to stay vigilant as financial fraud costs rise #australianfintech #fintech #fintechnews #finance #financialtechnology #technology #tech #technews #antifraud #fraud #financialfraud #financialcrime #identity

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To alleviate stress on #renters, Rent.com.au (#ASX: RNT) has expanded its #rental #payments platform RentPay to accommodate more digital wallets, enabling the processing of $250m in payments since May 2021. https://lnkd.in/gSMvT2Z7

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Congrats to the team at centrapay and BNZ for 'partnering' here to bring innovation and greater value for customers and merchants. This is (IMHO) a really practical and easily understood example of Fintech innovation that straddles core themes that we think are central to FinTech; Innovation, Customer Value, Partnering, Investment in highly scaleable, exportable technology and the value of special people providing sector leadership. This latter point about people is a great opportunity for NZ- we are a small intimate country and this is one of our 'secret sauces'. With so much talk on capping surcharging fees, this is a really timely release. Perhaps this approach moves us away from all the talk about capping surcharging fees to just letting the market decide. Perhaps the opportunity of the merchants/retailers to simply absorb the transaction fees into their business model is the true promise we all seek and brings back the innovative lead that EFT POS gave NZ 30 years ago. Getting rid of those nasty add-on fees at the terminal will help build consumer trust and take a load off everyone. Either way, noting the functionality of PayAP I might get to 'count' how many flat whites I consume ( eg lots) at my local Wander cafe Well done all ! Greg Beehre, Jerome Faury, Tim Wixon, CFA

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Exciting News for lenders in New Zealand! The #CCCFA 2024 Lending Reforms are set to reshape the lending landscape, and Fortiro is here to help you navigate these changes smoothly. To find out more, visit: https://hubs.ly/Q02Jk6k-0 #LendingReforms #FinancialSector #Compliance #Fortiro #Fintech #NewZealand #CCCFA2024 #Lending

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Westpac New Zealand has reached a significant milestone, confirming its operational readiness to collaborate with approved third parties on delivering open banking solutions to improve New Zealanders’ banking experiences. The bank has made Payments NZ’s API Centre Payment Initiation v2.1 API Standard available for third parties to connect to. Russell Jones, Westpac NZ chief information officer, stressed the bank’s dedication to open banking. https://lnkd.in/gX2C3waF #openbanking #APIs #payments #banking #bankingtechnology #NewZealand #NZAdviser #advisernews

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GoCardless and Intuit QuickBooks integration launched to end late payments for Australian small businesses #australianfintech #fintech #fintechnews #finance #financialtechnology #technology #tech #technews #payments #digitalpayments #smallbusiness #latepayments

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Blockchain case study: Commonwealth Bank & NDIS A trial combining blockchain technology with the New Payments Platform to create smart money, for a case study of the #NDIS We looked at solving problems with 3 sets of users: For NDIS participants, simplifying user experience by eliminating paperwork, manual calculations, paper receipts & service eligibility considerations. For NDIS service providers, reducing administration costs by enabling simple eligibility checks, near real-time payments & automatic reconciliation. For the government, enabling improved value for money through enhanced service delivery & #fraud control powered by data analytics capabilities. How did use of a blockchain help solve this problem? The proof of concept translates budgets in participant’s NDIS plans into blockchain tokens. Smart contracts (which represent the budget rules) are dynamically attached to the #blockchain tokens to form smart money (programmed to know who it can be spent by, what it can be spent on and when it can be spent). Enabling participants, service providers & government to have real-time visibility of service eligibility, with appropriate access controls for privacy. Service providers could redeem the tokens they receive as they deliver services for near real-time payment on Australia’s New Payments Platform. We found that a centralised database & our smart money proof of concept could achieve a similar front-end user experience. While the smart money proof of concept could offer potential platform advantages on the back-end, if the smart money technology was applied across multiple payment environments, further work may be required to deliver sufficient performance & confidentiality outcomes to achieve these platform benefits. What brought you to blockchain? CBA and CSIRO’s Data61 had wanted to test the potential of blockchain to enable smart money for quite a while. We were also interested to see how blockchain technology may be able to integrate with existing payments technologies, such as Australia’s New Payments Platform. NDIS contains highly personalised budgets & payments, making it a good case study for our project. The smart money proof of concept could enable all the conditions in the NDIS ecosystem, including different types of budget management. We received great feedback from NDIS participants & carers on our prototype app (Net Promoter Score rating of 89%). 🤨 One of the biggest surprises was the extent of the challenge to collect all the data required to enable conditional payments across the NDIS ecosystem, including payments to general businesses that deliver services to NDIS participants. The design challenge is as much about effective data collection as it is about data processing . Marie J. Mark Sweeney Graham Taylor Mark Toomey Samantha Connor https://lnkd.in/g9UiyfAi

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