ANZ New Zealand inks open banking deal with Bud
ANZ New Zealand, the country’s largest lender, has signed a deal with UK fintech Bud to deploy open banking services.
ANZ NZ aims to improve its loan approval processes for business customers. Bud says the bank can analyse and categorise data from applicant’s bank statements to simplify the loans.
The banking group is one of several institutions which participated in Bud’s 2019 $20 million funding round.
ANZ NZ’s chief information officer, Mike Bullock, says the bank is committed to “progressively utilising open banking and open data”.
He adds: “Bud’s expertise with open banking technology in the UK market will benefit customers in New Zealand by streamlining lending processes and increasing transparency.
“We’ll be able to collect and verify the extensive income and expenses information the new consumer credit regulations require.”
New Zealand’s Credit Contracts and Consumer Finance Act requires banks to verify the income and expenses of prospective borrowers..
Ed Maslaveckas, Bud CEO, says open banking has started to have a “significant impact” on the credit market in the UK.
“We’ve invested heavily in our intelligence capabilities over the last year, developing the granularity and accuracy.”