When open banking became a reality in New Zealand at the end of last year, a local couple wasted no time launching a new payment system called Tillify – a web app that essentially turns your phone into a till.
It’s like having an eftpos machine in your pocket, but cheaper and easier to set up, says Jim Youngman, the software engineer behind the technology. His wife, Julie, studied finance and brings a background in procurement to the venture.
“We had this idea and were just waiting for New Zealand to catch up,” Jim says.
Open banking was officially launched in New Zealand on 30 December, enabling secure data sharing and payment initiation between banks and authorised third-party fintech companies like Tillify. The couple launched their web app the next day - New Year’s Eve.
For Jim and Julie, creating Tillify was right up their alley.
“We’re the kind of people where numbers and financial stuff is fun.”
He says open banking opens up a raft of new possibilities in the banking and finance space, which is why there has been so much activity in the software sector. It also allows individuals to manage their money more easily and securely share their financial data – for example with mortgage brokers.
Among those signing up with Tillify is Tasman School for its Muddy Buddy Adventure Fun Race fundraiser this year. As a former pupil at the school, Jim says he is rapt to be able to help the school retain more of the funds. Mahana School’s Twilight Fiesta will also be using the platform.
The payment system is not just for events though, he points out, but anyone who has a smart phone.
He says Tillify could be used for a roadside flower stall or a Facebook Marketplace transaction - without needing to type in account numbers and hope names match bank accounts. The system receives instant payment verification directly from the bank, with assurance the money is on its way. It also eliminates the risk of fake payment screenshots.
“Nobody needs an app and anyone with a smart phone can come along and scan it and make a payment,” he says. “There’s no way for it to be a scam when paying right in front of someone. It’s the same as handing over cash.”
The couple continue to work remotely for their Auckland-based jobs, while caring for two preschoolers and now running a growing tech startup from home. Businesses, groups and individuals have already signed up to use Tillify and Jim says their goal is to see it “everywhere” in the next few years.
