Westpac NZ has become the first bank accredited to issue digital ID credentials under New Zealand's Digital Identity Services Trust Framework.
The credentials will be held in the Govt.nz app wallet and will initially be made available to Westpac One Business customers, enabling them to share verified bank account details digitally rather than through physical documents or bank statements.
How the credential works
Once the service is rolled out, a Westpac One Business customer will be able to log in to their online banking platform, select an account, and generate a QR code. A person requesting proof of the account, for example, a customer purchasing goods from a business, can scan the code using the Govt.nz app wallet and confirm the exchange with a code sent by text message. This generates a Westpac Business Bank Account credential, valid for 72 hours, which can be shown as proof of the account details. The ID can also be verified by other organisations, including through platforms such as NZ Verify.
According to Russell Jones, Westpac NZ Chief Data, Digital and AI Officer, the aim is to reduce the time businesses spend manually redacting and sending account information, while lowering the risk of fraud and scams associated with less secure methods such as email.
Westpac NZ worked with New Zealand-based technology company Mattr in support of the accreditation and rollout.
Future objectives
Westpac NZ has said the current accreditation, covering business account information, is an initial step. The bank intends to extend credential issuance to its Westpac One retail online banking platform, which would allow personal customers to apply for loans or open accounts by sharing digital IDs instead of physical copies of documents.
Jones also pointed to potential applications beyond banking, including digital versions of a driver's licence, Kiwi Access Card or passport, which could be used for tasks such as age verification, setting up utilities or travel. He said the extent of ID's usefulness will depend on the adoption of credential verification across multiple sectors, including hospitality and telecommunications, in coordination with local and central government.
Westpac NZ's accreditation as an issuer under the framework follows the government's broader effort to establish a regulated structure for digital identity services in the country, with the bank stating it plans to share its experience with other organisations beginning their own digital ID rollouts.
