New Zealand’s Westpac Bank will integrate its online banking platform with start-up Moven’s mobile money management tool to enable customers manage their money through their smartphones, tablets or desktop. Moven, which is positioning itself as a branchless bank, provides downloadable bank accounts for customers.
Westpac customers will be able to track their spending through real-time mobile receipts that will be received immediately after purchasing a product. They can also compare their average spend against their actual spend for a month through a graph feature. The integration is set to be completed in October 2014. The integrated system will also provide customers with regular feedbacks and money management decisions.
Moven founder and CEO Brett King said: “Our objective is to get as many people as possible around the world using our tools everyday. When you are talking about providing banking services, however, that also requires great bank partners in those markets where we launch. Our partnership with Westpac is yet another example of their commitment to world-class innovation.”