NZ Adviser’s Post

Following the #Optusoutage in November of last year, Australian consumers and businesses faced a similar challenge last week as several financial institutions, including Ubank, Bank Australia, Defence Bank, Beyond Bank, People's Choice, and P&N Bank, experienced access issues with their banking apps and online platforms. These technical issues impacted several banking apps, as well as causing payment processing delays. These disruptions serve as a stark reminder of the importance of having diverse payment methods available to mitigate the impact of unforeseen disruptions. #cashisking #payments #banking #rba

🎉 Exciting times for #openbanking in New Zealand with the Payments NZ Payment Initiation v2.1 API Standards now available. Payment initiation is one of the leading use cases for open banking around the world and it is wonderful to see New Zealand lead the way with their industry led approach. Well done to the whole Payments NZ team on this important milestone. Steve Wiggins Phil Cass Jane-Renee Retimana Vanessa Ronan-Pearce 🎶 Unlike under the Australian #consumerdataright standards in Australia, the New Zealand industry led standards require each third party to negotiate directly with each Data Holder for access. This provides each Data Holder the ability to commercialize their access, which has been a sticking point in other markets. So it will be interesting to see whether this leads to an acceleration or slow down of use cases in market. Together with the recent release of the Customer and Product Data Bill this month, open banking in New Zealand is certainly gathering momentum. What an exciting time! Read more in Westpac New Zealand's announcement by Russell Jones (he/him). https://lnkd.in/g24an5it Bart Willaert Kylie Day John Harrison Tilen C. Claude Maroun

🏦 NatWest takes a step as the first UK Bank to join the Crown Commercial Service’s Dynamic Purchasing System (DPS) for Open Banking. But what does this mean for Open Banking adoption? 🚀 Accelerated integration of open banking in the UK public sector. 🏢 Access for entities like the NHS, schools, and local authorities to NatWest’s innovative open banking solutions. 🛡️ Enhanced security with Confirmation of Payee (CoP) services. Mike Elliff, CEO of Payit™ by NatWest, highlights, "Open banking is a key part of the UK financial ecosystem... Our proven and secure infrastructure enables billions of payments every day." This move signifies a major leap in open banking, showcasing its growing importance and reliability in the financial ecosystem. Discover how open banking can benefit your business and stay ahead in the financial landscape. 📢 Speak to a Yapily open banking expert today: https://lnkd.in/gQ2Skq3C #NatWest #OpenBanking #FinancialInnovation #PublicSector #Yapily #Fintech https://lnkd.in/gxmud4Nc

"Nigerian commercial banks spend at least $10 million each year." This suggests that the biggest Nigerian commercial banks—First Bank, UBA, GTBank, Access Bank, and Zenith—will spend $50 million (₦82 billion) annually on their core banking applications. According to their financial statements, the five banks reported ₦8.52 trillion in gross earnings. These core banking software costs will amount to only 1% of the FUGAZ banks’ half-year 2024 revenues. https://lnkd.in/d47pdeYA

Next Generation Banking

A town in the UK has called for a faster rollout of banking hubs for rural communities whose local branches have closed 🏦 Whilst many people use internet banking and make cashless payments, the closure of banks in rural areas can be a real issue for those who are vulnerable or digitally excluded. But how can bank branch closures be stagnated or stopped? Read more BBC News 👉 https://bit.ly/49t3Adf #RetailBanking #BankingHubs #Banking

As the banking landscape evolves, ANZ takes a strategic pivot by withdrawing cash services in select Sydney branches. Customers' concerns and industry trends ignite discourse. https://lnkd.in/gJw6b5YS #fsonews #ANZ #bankingtrends

A bank in the UK is set to close 57 branches in the UK in 2024 and 2025 🏦 With the rising number of closures on high street, many are worried about where to deposit and withdraw money. As an alternative, customers are being pointed to the Post Office and banking hubs. Currently, there are 31 banking hubs across the UK, with plans for more to open throughout the course of 2024 📈 Read more MoneyWeek 👉 https://bit.ly/428hr6a #Banking #RetailBanks #BankingHubs

Exploring the Future with Open Banking Pt. 1 The financial landscape is undergoing a profound transformation, primarily fueled by the rise of open banking and regulatory shifts. This shows the pivotal role of FCRA approval in bridging lending gaps and enhancing financial services: • FCRA Approval: Compliance with the Fair Credit Reporting Act (FCRA) is crucial in open banking. Recent endorsements of FCRA-compliant entities, bolster confidence in the quality of data, enabling lenders to integrate open banking data into lending practices securely and confidently. • Addressing Lending Disparities: FCRA-endorsed open banking platforms help to alleviate disparities in lending by providing data beyond conventional credit scores. This promotes financial inclusion, offering access to affordable credit for historically overlooked segments like the underbanked and small businesses. • Paving the Way Forward: Integration of FCRA-backed open banking data into lending processes is poised to narrow lending gaps, foster financial inclusion, and drive economic progress. As the financial landscape evolves, embracing open banking requires balancing its potential, with addressing consumer concerns to ensure widespread adoption, allowing for economic expansion. #openbanking #financialinclusion #datautilization #regulatorycompliance Thanks to GDS Link for sharing this white paper that these findings are taken from.

📣 Central 1 and Flinks announce their strategic partnership 📣 This partnership will see Flinks and Central 1 come together to accelerate and enable Open Banking opportunities in the Canadian credit union system. By partnering with Flinks, Central 1's affiliated credit unions and financial institutions will be able to use Flinks to immediately launch an Open Banking program while ensuring it meets future regulations. This solution also includes accessing and distributing Open Banking API connections to a network of hundreds of fintech and application partners, making it a win for everyone involved. Read all about the partnership here and see why Central 1 chose Flinks, Canada's Open Banking leader 👉 https://lnkd.in/grYWrqNg #openbanking #financialdata #partnerwithflinks