Macquarie adopts open banking solution

Macquarie customers will be one of the first to test the new open banking regime with the help of a fintech.

Retail finance solutions provider Zip Co, which operates under its zipPay and zipMoney brands, will allow Macquarie customers to add banking and credit card accounts via personal financial management app Pocketbook. Zip Co acquired Pocketbook in 2016 and currently has 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 as momentum for this type of innovation is quickly growing, the integration with Macquarie Banking and Financial Services Group is the first-of-its-kind.

“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,” he said.

Pocketbook co-founder and chief executive Alvin Singh said the collaboration is all about creating a great user experience – as easy and intuitive as authenticating via Facebook or Google; it’s great to see the benefits of open banking being embraced.

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Source: Macquarie adopts open banking solution | Financial Standard