PayPoint completes investment in obconnect

Further to the announcement on 1 August 2024, PayPoint can confirm that it has successfully completed its strategic investment in obconnect, the leading Open Banking technology provider, following FCA approval. PayPoint now holds a 55.3% position in the business. This investment enables the Group to further leverage their Open Banking technology platform and unlock greater opportunities within both businesses.

This follows the announcement on 10 October 2024 that obconnect has secured the contract to deliver the Confirmation of Payee ecosystem in New Zealand, partnering with the New Zealand Banking Association (NZBA). The contract will initially see obconnect providing Confirmation of Payee services to major banks in New Zealand from November 2024, including ANZ, ASB, Bank of China, BNZ, CCB, The Co-operative Bank, Heartland Bank, ICBC, Kiwibank, Rabobank, SBS Bank, TSB, and Westpac.

Nick Wiles, Chief Executive of PayPoint, said:

“We are delighted that we have successfully completed our strategic investment in obconnect. Confirmation of Payee and Open Banking are important to the future of the PayPoint business and our investment will enable the Group to strengthen its position further in this fast-growing sector.”