Source: BNZ Statements
New Zealand could soon have instant money transfers, with BlinkPay today announcing it has developed the country’s first open banking-enabled real-time payments capability and is seeking banking industry partners to implement the technology at scale.
The technology enables transactions to have settlement confirmed within seconds rather than half hourly or overnight, and could transform how workers get paid, urgent funds are distributed, and businesses manage cash flow across New Zealand once broadly adopted by the banking industry. BNZ is the first major bank to commit to implementing the capability.
BlinkPay has developed the technology using secure open banking connections that can be deployed quickly across existing banking infrastructure and is designed to work with all banks and open banking providers meeting Payments NZ open banking standards.
“This capability is ready to go and represents a potential game-changer for New Zealand’s payments landscape,” says BlinkPay CEO Adrian Smith.
“With broad industry participation, workers and tradespeople could get paid the moment they finish a job, emergency government support could reach people instantly when they need it most, and businesses could improve their cash flow with immediate invoice payments.
“We are inviting New Zealand banks and open banking providers that meet Payments NZ standards to work with us to implement this solution at scale for the benefit of all New Zealanders. The technology is ready to go and can be rolled out quickly once more banks and providers come on board.”
Addressing settlement delays
The country’s current payment systems rely on half-hourly or overnight batch processing, which while reliable and cost-effective for most needs, can cause delays in fund availability and settlement risks in some cases.
Real-time payments settle transactions within seconds, enabling instant use cases like urgent insurance claims, instant property settlements and rental bond transfers, and immediate online marketplace payments.
BNZ CEO Dan Huggins says the capability offers the potential to give people and businesses more choice in how they send and receive money, offering added flexibility when speed and certainty of settlement matter most.
“This technology works alongside the existing payment system, expanding the range of options rather than replacing what already works well. We’re excited to work with BlinkPay and support industry-wide adoption to bring this capability to all New Zealanders.
“This initiative supports data sharing rights and the government’s broader open banking goals, working toward a secure, future-ready payments ecosystem for New Zealand,” Huggins says.
How it works
Payments are initiated through open banking connections, with settlement through existing banking protocols. The system supports real-time notifications and reconciliation and aligns with anti-money laundering controls and Consumer Data Right regulations. The system’s full potential is realised when multiple banks and open banking providers participate, creating a comprehensive real-time payments network.
Customers wouldn’t need to download a separate app or learn new payment methods. With broad industry adoption, the system would enable instant person-to-person transfers and business payments directly through familiar banking interfaces.
Industry collaboration
BlinkPay is actively seeking collaboration across the industry to achieve the broadest possible participation and accelerate access to this technology.
“We invite and welcome engagement from Payments NZ, regulators, and industry stakeholders to ensure this capability delivers maximum benefit to New Zealand’s financial infrastructure,” says Smith.
The post BlinkPay develops NZ’s first real-time payments capability using open banking, seeks industry partners with BNZ as inaugural participant appeared first on BNZ Debrief.
