New Zealand could soon see money moving within seconds, after BlinkPay announced it has developed the country’s first open banking-enabled real-time payments technology.

The system, now ready for rollout, allows payments to settle instantly rather than waiting half-hourly or overnight.

BNZ has become the first major bank to back the capability, with BlinkPay calling for other banks to join.

BlinkPay CEO Adrian Smith says the change could transform everyday life for New Zealanders.

From tradespeople receiving payment as soon as a job is done, to emergency funds reaching families instantly, the benefits are wide-reaching.

Businesses could also improve cash flow through immediate invoice payments.

The current system, which processes in batches, has long been reliable but causes delays in time-sensitive situations.

Real-time payments would remove this lag, allowing faster insurance payouts, rental bond transfers, and even property settlements.

BNZ CEO Dan Huggins says the initiative will give people more choice and certainty.

“It works alongside the existing payment system, expanding options rather than replacing them,” he says.

For Coasties, instant payments could mean quicker wages for contractors, faster refunds when plans change, and more secure ways to pay or receive money directly through their bank.

BlinkPay says the system doesn’t require a new app, just broad adoption across banks.

With industry-wide participation, New Zealand could soon join other countries already running on real-time payments.

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