POLi in the media

POLi fills an important gap in the payments landscape and has proven over the last 15 years to be a secure and trusted payment service. Despite this there have been recurring reports in the media about POLi regarding security, fraud and bank terms and conditions. These are complex issues which we believe have not been properly understood by the media in their reporting:

POLi Facts

• No bank customer has ever lost money as a direct consequence of any security failure in the POLi system.
• Security systems in POLi have been independently certified.
• POLi has successfully processed 45 million transactions in New Zealand over 15 years.
• Nearly 40% of all bank customers have used POLi, that is 1.6 million Kiwis.
• The banks have never taken action against any of their 1.6 million customers for using POLi and thus theoretically breaching their terms and conditions.
• Fraud mitigation in payments is an industry issue. POLi as part of the payments industry has a role to play. The banks do not see it as a priority at this time to work more closely with POLi.
• The beneficiaries of POLi are the bank customers and merchants because it is convenient, easy to use, provides choice, is low cost and improves back-office efficiency.
• The gap POLi fills in the payments industry has existed for more than two decades. The  banks to date have not offered equivalent services.
• If a bank customer wants, for their benefit, to use their credentials to access safe and secure payment service services not provided by banks they should be able to do so without bank interference. The provision of alternative access methods for bank customers using their credentials along with unhindered access to their information is at the very heart of Open Banking.
• Open Banking can address some of the concerns. POLi has been actively involved in support of the banks and Commerce Commission since 2017.  POLi is extremely frustrated by the lack of meaningful progress.
• The Commerce Commission has recognised the role of processors such as POLi who use what are called "sub-optimal interfaces". The Commerce Commission has recognised the role of the many entities such as POLi in the evolution and rationalisation of the New Zealand payments system.
• The issues raised are valid but far greater issues exist with bank control of, and customer access to, their financial data. POLi has always been a positive influence in improving the quality of payment services available in New Zealand.
• The high levels of trust placed in POLi speak volumes about innovation in the face of the continued dissemination of damaging misinformation.
• Any risks, if they exist, in the use of POLi are far outweighed by the benefits our customers and merchants.