Sharesies has recently partnered with BlinkPay and is aiming to revolutionise how investors navigate their financial management.
This collaboration is poised to reshape the investment landscape with the impending launch of open banking in New Zealand, allowing individuals to seamlessly link their banking information with third-party platforms. This process, endorsed by leading banks, promises a more tailored, swift, and economical way for Kiwis to handle their finances.
Open banking is designed to usher in a new era in the financial sector by fostering interoperability between banks and third-party services. This collaboration between Sharesies and BlinkPay is set to provide investors with an advantageous position, equipping them with groundbreaking open banking instruments and strategies to secure an optimal financial future, starting now.
This alliance eliminates the traditionally tedious wait of 1-9 hours to move funds from a bank to the Sharesies Wallet. Presently, investors can effortlessly and securely top up their balances, witnessing real-time updates to their accounts.
This game-changing feature facilitates prompt actions for investors in response to time-sensitive opportunities on the platform. Whether it’s capital raises, corporate undertakings, or share price variations, or even depositing substantial amounts swiftly, this enhancement is a boon for investors.
Sharesies co-founder and co-CEO, Brooke Roberts commented, “As the world moves to open banking, Kiwi have long missed out on the benefits. Particularly when the cost of living pressures are making every dollar count more, we want to give everyone a jump start on accessing innovative technology that’ll open up more doors for investing— whether it’s to make a pressing trade or transferring a lump sum instantly.
That’s why we’ve teamed up with BlinkPay, doing the mahi with a local fintech player so that over half a million users on our platform can access open banking capabilities. Our hope is through this we’ll empower them to have more opportunities to grow their long-term wealth and build a better future.”
On the other hand, Adrian Smith (Ngāpuhi), co-founder and Chief Product Officer at BlinkPay remarked, “Open banking is gaining momentum in Aotearoa, and we’re thrilled to be working with Sharesies to build cutting-edge payment services using this advanced technology. Open banking is and will continue to change the game for how New Zealanders manage their finances. We’re excited to bring the reality of open banking closer to everyone, so they know where their money is, where it’s gone, and where it’s going.”
To start with, Sharesies clients who bank with Westpac and Bank of New Zealand (BNZ) can utilise BlinkPay. Both ANZ and ASB have declared their readiness for open banking payments by May 2024, with BlinkPay gearing up to incorporate them once available. A simple process is in place on the Sharesies platform to top up the Wallet, with Instant bank transfer now available as a payment option. While a nominal transaction fee of $1 is levied for each Instant bank transfer, the traditional bank transfer remains cost-free for all Sharesies patrons.
BlinkPay takes security seriously, boasting of the supreme security certification (ISO27001), which aligns with conventional banking norms. Their partnership with banks via a secure Application Programming Interface (API) ensures maximum security, refraining from the risky practice of screen scraping prevalent among other third-party payment alternatives. For newcomers to Sharesies, the maiden transaction via BlinkPay will be complimentary.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
