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Congratulations to FinTechNZ member Qippay on their milestone partnership with BNZ!
The newly announced partnership enables Qippay to offer affordable payment solutions to Kiwi organisations. Importantly, it also supports the development of open banking in Aotearoa New Zealand and helps address challenges associated with payments. Open banking aims to transform the financial sector by giving people greater control of, and access to their personal financial data.
The fintech startup focuses on streamlining account-to-account transactions and is now seeking $1.2 million in a seed rounding that launched this week.
“This agreement enables Qippay to offer its payments interface to BNZ customers and is reminiscent of the approach that made Xero successful in its early days,” says Qippay CEO, Ashley Lake-Johns.
The agreement will help businesses and charities navigate the complex payment environment and unlock the potential of open banking across the country.
“Qippay is building a solution that will allow a seller or charity to use a QR code or web link to direct someone to an online portal. There, they select a bank such as BNZ and enter their phone number. Thanks to the API, they are then sent to their banking app, asked to confirm the transaction, and the money is sent,” says Ashley.
“This service is the kind that will be more broadly available once the consumer data right (CDR) is put into place. Although the third reading of the Bill is expected before the end of the year, a lengthy process will follow. While CDR will force the banks to enable third-party provider access to consumer data, knowing it is coming has urged most of them to start working on their APIs now.”
Both Qippay and BNZ share a focus on technological innovation and a commitment to fostering open banking. The partnership was established to address common challenges businesses and charities face when receiving payments or donations, including time delays and transaction fees. The aim is to provide a seamless payment experience for their customers and donors.
Following this announcement, Qippay is now undertaking its next capital raise to secure further partnerships and scale its product offering.