Westpac has gained accreditation to issue digital identity credentials under New Zealand’s Digital Identity Services Trust Framework, becoming the first bank in the country to do so. It is preparing to offer business customers digital proof of their bank accounts through the Govt.nz app.
The Westpac Business Bank Account credential will let an account holder share verified banking details with another organization without emailing a bank statement or obtaining a letter from a branch. The bank says it is the third organization accredited under the framework.
Customers will obtain the credential through Westpac One Business, the bank’s business banking platform. After downloading the Govt.nz app, they log into online banking, select an account and generate a QR code. They then scan the code with the government app and complete verification using a code sent by text message.
The resulting credential is held in the app’s digital wallet and remains valid for 72 hours. Westpac identifies NZ Verify as one of the services through which customers can present it to organizations requesting proof of their account details.
The bank says the process is intended to replace document handling that can require customers to download statements, redact unrelated financial information and send the files by email. The digital credential gives them a separate means of supplying the banking information required for a particular interaction.
New Zealand’s framework accredits providers against requirements for digital identity services. NEC became the first accredited provider in January, with approved services for verifying identity information against specified passport and driver licence records.
The government has also prepared a digital identity procurement channel separating authentication, binding, information and verification-support services. Westpac’s new accreditation concerns credential issuance, allowing the bank to provide account information for holders to share digitally.
Russell Jones, Westpac’s Chief Data, Digital and AI Officer, says the bank intends to extend credentials to its retail Westpac One service later. The first offering is focused on business accounts, with potential banking uses including applications for loans and new accounts.
Digital credential company Mattr supported the technical rollout, connecting the bank’s account credential with the government’s mobile wallet.
Sources: Westpac New Zealand
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By the ID Tech Editorial Team
