Pocketbook announces first of its kind open banking integration

Company Name: zipMoney

Announcement Date: 13/02/2018
Announcement Category: Contract/Partnership
Announcement Content:

Zip has announced a first-of-its-kind integration that will allow Macquarie Bank customers to add their banking and credit card accounts to the Pocketbook personal financial management (PFM) app via a simple, user-friendly Application Program Interface (API).

Through this integration, Pocketbook becomes the first app in Australia to integrate with the open banking platform recently announced by Macquarie Bank, giving customers the option to connect and manage their personal finances. Pocketbook was acquired by Zip in 2016 and is the largest non-bank Australian PFM app with over 400,000 users.

Pocketbook’s integration coincides with the Federal Government’s focus on establishing Australian open banking standards that will increase competition and provide consumers with the power to easily and securely share their data with third party providers.

Zip Co-founder and CEO, Larry Diamond said: “This is a landmark day for Australian fintech. Pocketbook’s first-of-its-kind integration with Macquarie Bank shows that momentum for this innovation is growing fast and we are at the forefront. 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.”

Head of Personal Banking in Macquarie’s Banking and Financial Services Group, Ben Perham said:

“We think this is the right thing to do for our customers - it’s their information, and if they want to use their data to connect with another service, Macquarie wants to make that easy and secure. We look beyond financial services to the leading digital experiences our customers expect, and we’ve done that again in this case by implementing the leading OAuth 2.0 open protocol standard used by global companies at the forefront of innovation. This means we’ve enabled our customers to share their data securely, control the connection and enjoy a more personalised banking experience.”

Alvin Singh, Pocketbook Co-founder and CEO highlighted the end-customer benefits: "This is all about creating a great user experience – as easy and intuitive as authenticating via Facebook or Google. It's a pleasure to see Macquarie Bank embracing the benefits open banking can bring to Australian consumers."

IMAGE: Pocketbook team or Left to right: Bosco Tan - Pocketbook COO, Tommy Mermelshtayn - Zip Chief Strategy Officer, Alvin Singh - Pocketbook CEO


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