ASB And POLi Partner To Support Secure Open Banking Payments In New Zealand
With POLi using ASB's open banking APIs, customers are able to use POLi as a payment method without sharing their username and password. Customer authentication and payment authorisation takes place securely within the ASB mobile banking app, offering another layer of protection for customers when transacting online.
ASB customers will be able to make POLi payments via the open banking payment method in the coming months, as POLi merchants transition to open banking. This option will appear alongside more traditional payment methods like credit or debit cards and has customer security, cost and convenience top of mind.
Michael Maclean, ASB's Tribe Lead, Everyday Money, says partnering with POLi to support its transition to open banking is a win for ASB customers and significant for open banking at an industry level.
'We're thrilled to be the first bank in the country to support POLi to embrace the open banking movement. POLi has the highest volume of online debit payments in the country, facilitating thousands of transactions every day for New Zealanders. We know scale and widespread availability is key to getting Kiwi consumers onboard with open banking.
'The partnership is a win for our customers, offering them greater choice and improved security. It's been a big year for us in the open banking space, and we've achieved a lot we're proud of that supports safe and easy banking services in New Zealand, and helps to mitigate against fraud and scams. We initially went live with our open banking API platform in May last year, and we've now got six partnerships with different payments and data providers that can leverage the tech we've invested in.'
Andrew Simmonds, POLi's Commercial Director, says 'POLi has long advocated for open banking, which offers consumers greater choice and control over their payments experience. ASB is leading the way in this space as the first bank to offer up open banking APIs for our consumption and we're delighted to partner with them to provide Kiwi consumers an innovative and secure way to pay popular merchants.'
Fintechs interested in partnering with ASB on open banking can visit open banking | ASB for more information. To find out more about POLi's new open banking payment service, visit https://www.polipay.co.nz/asb-open-banking/.
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In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
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