Customers and businesses to get real-time info as new solution unveiled
Kiwibank has announced a brand new system to deal with real-time purchases which should see a significant advance in the UX experience for both business and individual customers.
The bank has partnered with international tech firm ACI Worldwide, which will integrate its digital payment software into the existing Kiwibank Payment Hub as a Saas offering.
The set-up will be cloud-based and thus highly-scalable, as well as open to adaptation when new products arise and new innovations are made.
The move could also be of benefit to advisers, as customers applying for loans will have greater access to real time information about their expenses and outgoings, a now-vital part of the mortgage approval process after the recent changes to CCCFA legislation.
Kiwibank’s chief product and strategy officer, Elliot Smith (pictured), said that the move was essential to help major lenders and deposit takers keep up with advancements in the wider economy of New Zealand.
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“Due to rapid technological change, many consumers now expect almost everything to be available instantly and the payments system is no exception,” he said.
“The nature of cloud technology means we’ll be able to do things faster and more efficiently, and we’ll be able to deliver those simple and seamless experiences customers now demand.
“The business benefits of real-time payments are huge, including enhanced cash flow management and improved liquidity. This improvement will be especially impactful to small merchants that may be used to waiting days for their settlement.
“This relationship with ACI supports Kiwibank’s long-term strategies for efficiently dealing with future payment needs.
“It gives Kiwibank access to some of the biggest technical resources in the world and will lower the cost of operating multiple – and growing – payments services, such as related back-office functions and any overlapping IT infrastructures.”
