Westpac has signed an agreement to use some of Moven's digital money management tools.
Moven, a digital money management service tied to a debit card issued by CBW Bank, will be integrated into Westpac's new internet banking platform this October. The partnership allows Westpac customers to manage their money on a daily basis through their smartphone, tablet, or desktop computer.
"Banking is changing rapidly because of consumer uptake of new technology," said Simon Pomeroy, chief digital officer of Westpac. "Partnering with Moven to provide our customers access to new tools and features for managing their money is another step toward our goal of being the No. 1 digital bank in New Zealand."
The two companies are planning updates for next year that automatically categorize customers' purchases as well as where and when a transaction happened. Then, users will receive mobile receipts immediately after a purchase is made that provide insights about their spending habits compared to monthly averages, which helps them determine if they can afford to make another transaction.
"The key to this set of features is the ease of use," Pomeroy said. "There is very little manual set up, it comes preloaded with 12 categories and the way the graphs are displayed delivers quick and effective money management information in real time."
This represents the first international partnership for the New York-based financial services start-up Moven after it secured $8 million of funding to expand into new markets.
"Our partnership with Westpac makes great sense for us as New Zealand has excellent smartphone penetration, and one of the highest global commitments to mobile payment acceptance at the point of sale through contactless technology," said Brett King, founder and chief executive of Moven.