BlinkPay launches real-time payments technology in open banking initiative
Photo:
RNZ / Marika Khabazi
New Zealand's
open-banking initiatives
took another step forwards today as local financial technology (fintech) company, BlinkPay launches its instant payment technology.
Open banking allows consumers to share bank account information with third party financial services companies to manage money, payments, or offer alternative financial products.
BlinkPay said its technology would allow transactions to be settled in seconds, instead of half-hourly or overnight using the present payment system.
Chief executive Adrian Smith said its technology used the existing payment infrastructure more efficiently.
"This capability is ready to go and represents a potential game-changer for New Zealand's payments landscape."
BNZ bought BlinkPay in 2024 and has committed to adopting the technology, although it operates the company independently.
Chief executive Dan Huggins said the technology offers the potential to give people and business more choice in how they send and receive money.
"This technology works alongside the existing payment system, expanding the range of options rather than replacing what already works really well."
Smith said the technology would allow tradies to get paid as soon as a job was finished, consumers to pay for a car instantly and driving it off the forecourt, or distributing emergency funds in a civil emergency in real-time.
Other uses might include instant property settlements, rental bond transfers, and insurance claims.
Smith said that any bank or open-payment provider that met Payment NZ standards could use its service, and he wanted more big banks to pick it up to improve efficiency.
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