Two start-ups already positioned for open banking

Qippay founder Ashley Lake-Johns says the problems his business is addressing is high transaction fees and time delays associated with credit cards, which can sometimes destroy businesses.

“We looked for a solution that could solve that and that's when we stumbled across open banking,” Lake-Johns says.

It joined the API Council which has been collaborating with Payments NZ to establish standards, or application processing interfaces, to be used to facilitate open banking.

Lake-Johns says his company's payments solution is “more user friendly, more accessible, more affordable and more secure than traditional card payments” for merchants.