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Payments General

Kiwi banks ASB, Westpac launch open banking-powered Zeal P2P payments app

Monday 3 June 2019 | 12:15 PM CET

New Zealand-based ASB Bank and Westpac have developed Zeal, an open banking app, right now undergoing testing prior to public launch.

The app will allow Westpac and ASB customers make fee-free instant payments to the Westpac and ASB accounts of people in their contacts lists with just a few clicks. It's also got a function allowing people sharing a meal to split the bill automatically, so one person can pay, and the others immediately make transfers so the payer isn't left out-of-pocket.

Zeal is considered to be among the tangible evidence that open banking is arriving in New Zealand, though it will only reach its potential if every bank joins up. Zeal executives have stated that discussions were underway for ANZ, BNZ, and Kiwibank to join.

 

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