Too Many Subscriptions? BNZ First With Open Banking Tech That Can Simplify Recurring Payments

From streaming services to gym memberships, keeping track of subscriptions and recurring payments can be a challenge. BNZ is making it easier by becoming the first New Zealand bank to adopt the latest Payments NZ open banking standard.

The new standard allows for recurring payments to be processed directly between bank accounts through a secure API. This allows different systems like banks, apps or third-party service providers to securely connect and share payment instructions in real time, unlocking new functionalities for businesses and customers.

To bring these benefits to life, BNZ is working with homegrown fintech BlinkPay to help businesses seamlessly integrate new payment options. Through integration with online banking, Blink AutoPay allows businesses to process regular payments from customer accounts with improved flexibility and control for both parties.

"Blink AutoPay is purpose-built to be a modern, customer-friendly solution that makes recurring bills simpler and more efficient for everyone involved,” says BlinkPay CEO Adrian Smith.

"Customers can approve payment arrangements instantly in their banking app without any paperwork hassle, set their own payment limits, and have better visibility of what’s coming out of their account and when.

“Businesses will benefit by being able to more easily offer customers subscription options that ensure bills get paid on time, every time. Whether it’s utilities, digital services, memberships, or any recurring payment, it means more reliable payments, better cashflow, and happier customers.”

Karna Luke, BNZ's Executive of Customer Products and Service, says, “We’re excited about the opportunities this creates for businesses to build new and innovative payment experiences to best meet the needs of their customers. This is about making payments more reliable and flexible while retaining bank-grade security - ultimately making financial services work better for all New Zealanders.

“With over 250,000 BNZ customers already using secure API-connected services, this update continues to drive innovation in the country’s growing open banking ecosystem.”

For more information about BNZ's open banking capabilities and developer resources, visit https://developer.bnz.co.nz/

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