(19 January 2018 – Australia) Macquarie Bank customers will be one of the first to test the new open banking regime with assistance from a fintech firm.
Retail finance solutions provider ZipMoney has announced that it will allow Macquarie customers to add banking and credit card accounts via personal financial management app Pocketbook. The firm’s parent company, Zip Co acquired Pocketbook in 2016 and currently boasts more than 400,000 users.
The app integrates with Macquarie's open banking platform, giving customers the option to connect and manage personal finances.
Zip co-founder and chief executive Larry Diamond said, “Zip is committed to transparent, fair and friendly financial products that support the totality of a customer's financial health. Pocketbook is integral to this mission as is open banking, which will give customers access to their data, foster transparent financial decisions and promote competition within a safe and trusted framework.
Revenue and Financial Services Minister Kelly O'Dwyer recently told the Asian Financial Forum 2018 in Hong Kong that Australia is ramping up its open banking initiatives to give customers the right to direct banking data to fintechs and third parties.