Westpac New Zealand has signed a new agreement with open banking intermediary Akahu, enabling Westpac customers to connect their accounts to a wide range of fintech services.
Open banking intermediary Akahu provides API-based connectivity between financial institutions and over 70 government, corporate, and fintech organisations. With this new connection, rather than waiting for API connections to be drip fed out to the market, open banking will quickly come to life for Westpac customers who will be able to seamlessly and securely link their accounts to an established ecosystem of innovative financial tools and services.
Among the businesses for which Akahu provides connections are personal financial management platforms like PocketSmith, SortMe, and Budget Buddie; accounting and tax services such as Solo, Prosaic, and The Access Group; payroll services such as Employment Hero, PayHero, and PaySauce; investment services such as Blossom, Tiger Brokers, and Wedge Money; and financial advisors and brokers such as Enable Me, Loansmart, and New Zealand Home Loans.
These services will allow Westpac customers to manage their finances more efficiently, automate accounting and loan application processes, and streamline payroll operations-all without needing to share login credentials.
Westpac Chief Information Officer Russell Jones said the connection with Akahu was the "beginning of a long-term, viable ecosystem that would start making open banking real for customers."
"By working with Akahu, we're enabling secure, consent-based access to a wide range of services that can help people and businesses better manage their money."
The connection with Akahu follows Westpac's announcement last month that it would not be charging for API requests through its systems for at least the first 12 months, encouraging a varied and viable open banking landscape.
In addition to connectivity, Akahu is also providing transaction enrichment services to Westpac. This means that when customers view their transactions in the Westpac One app, they'll soon see enhanced details such as merchant names, logos, websites, and locations. This added context gives customers confidence to fully understand transactions, enables self-support, and improves the overall customer experience.
While some in the industry are using off-shore companies for transaction enrichment, Westpac is proud to be supporting a New Zealand fintech to deliver this service.
"Westpac's level of transaction enrichment will be unique in the industry and reach across all payment types," said Josh Daniell, Co-founder of Akahu.
"With our focus on this market and local team, we're able to enrich the full breadth of New Zealand merchants. Customers are delighted to see that we can supply details for their local convenience store in Karitane, or their fish & chip shop in Pukenui."
The rollout of these services will begin over the coming months, with broader functionality becoming available as new open banking standards are delivered.
The collaboration also builds on Westpac's existing partnerships, such as with digital wallet provider Dosh, by enabling more seamless and secure account linking of Westpac home loans through open banking protocols.
This partnership comes ahead of the December 2025 regulatory shift that will standardise open banking access across New Zealand, replacing bilateral contracts with a regulated framework. In the interim, Westpac has waived API access fees for 12 months, giving fintechs the confidence to begin integrating now.
"This is a sign that Westpac is committed to fostering a vibrant and viable open banking ecosystem," said Daniell. "We're excited to help bring enhanced services and value to Westpac customers through this collaboration."
