Akahu provides open finance infrastructure to a broad range of government, corporate, and fintech organisations. Common use cases that we support are described below.
Cloud-based accounting solutions use open banking to automate the ingestion of transaction data from an organisation’s bank account.
Personal financial management tools enable a user to aggregate data from disparate accounts into a single view, enabling features like net worth tracking, expense management, and automated budgeting.
An applicant can link their bank accounts so that a lender can fetch relevant data. This makes the application process much faster and more accurate.
When a KiwiSaver member experiences financial hardship and applies to withdraw some or all of theirKiwiSaver balance, they will need to share financial data as evidence of financial hardship. Open banking is a simple and accurate way to collect this data.
Open banking is a way to make the factfind process faster and more accurate. Advisors can also request ongoing data feeds, enabling a shared view of financial data, and a more proactive and responsive relationship.
Open banking enables a user to share access to their identity data when onboarding with another service. This is commonly used by financial service providers to verify name, address, and bank accounts during an onboarding process.
In the payroll service, an employer can link its bank account and automate payments to staff once the payroll calculations are finalised. This ensures staff are paid faster, and avoids the business risks that arise when payroll and accounting personnel have access to internet banking.
A user can link their bank account to an investment service with a one-off or ongoing payment consent, creating a low cost top-up experience in the app. The payment status is updated within seconds, and each payment includes a unique identifier for automatic reconciliation.
Give us a call, and we can explore the use cases that are relevant to your organisation.
