Open Banking (Also known as Open Finance) is a rising movement that aims to open up and democratise the financial sector by giving people greater control of, and access to, their personal financial data. Open Banking will enable individuals and businesses to gain access (With consent) to any financial data created about them by their service providers, including bank statements, credit card statements and more.
Open Banking is a system that allows third-party providers (TPPs) to access bank account information and payment services through an open API (Application Programming Interface). This means that a customer can choose to share their financial data with a TPP of their choice, giving them the ability to provide services such as payment initiation, account aggregation, and financial management tools.
To make this possible, the customer must first give their explicit consent. Once the TPP has access, they can use it to provide a range of innovative financial products and services. For example, a TPP could use a customer’s transaction data to analyse their spending habits and provide personalized budgeting advice.
Open Banking also allows for instant payment services, where customers can initiate payments directly from their bank account through a TPP’s platform. This enables fast and secure payments without the need for traditional payment methods such as credit cards or bank transfers.
Open Banking works by leveraging the existing banking infrastructure and payment systems, making it a secure and reliable way to share financial data and facilitate transactions. It also provides customers with greater control over their financial data and the ability to access a wider range of financial services from multiple providers.
Open Banking is not just a buzzword. It is a rising movement that seeks to transform the financial sector by giving people greater control and access to their personal financial data. Our Open Banking payment solution enables individuals and businesses to transact securely, faster and cheaper than ever before.
At QIPPAY, we believe that Open Banking is about bettering the lives of New Zealanders by delivering greater choice, access, and transparency through digital innovation. This will unleash a new wave of products and services that take advantage of open banking data, producing real benefits for consumers, businesses, and the economy as a whole.
Open Banking is designed to provide opportunities for financial inclusion, bring financial control back to the consumer and SMEs, and support open innovation and transparency in the financial sector. It is a framework for supporting the interoperability of financial products in today’s complex ecosystem, laying the foundation for new services such as instant payments, personal balance information, and digital wallets that will drive economic growth.
Our Open Banking payment solution is designed to help you streamline your financial transactions, save time and money, and enhance security. With QIPPAY, you can:
Don’t miss out on the benefits of Open Banking. Our payment solution is user-friendly, secure, and designed to meet your unique needs.
Ready to experience the power of Open Banking with QIPPAY? Register your interest today and lets see how we can revolutionize your financial future.