Tiger Brokers uses Akahu to make funding your account easy
What is Akahu? How can I find out more about Akahu?
Akahu is an open finance platform, focussed on New Zealand.
Akahu provides data integrations with NZ banks and other financial institutions, which makes it simple to connect your bank account with trusted service providers like Tiger Brokers. Once you have connected, you can fund your Tiger Brokers account instantly through the Tiger Trade app or the Tiger Brokers website. This will make it easier for you to deposit funds into your Tiger Brokers account without the hassle of entering in bank details every time. If you choose to connect your account via Akahu, you can easily manage these connections in Personal Centre or at my.akahu.nz.
Find out more about Akahu here.
Why does Tiger Brokers use Akahu?
We are on a mission to make investing more efficient for all. By using next generation technology, Tiger Brokers enables clients to trade a wide range of financial products across multiple global markets in one account. Akahu is one of our partners that will enable our clients to trade and invest easily.
By connecting to Akahu, your experience will be enhanced in two ways:
- You can verify your bank account without needing to upload a bank statement.
- Initiate a deposit to Tiger Brokers through the Tiger Trade app or Tiger Brokers website without needing to switch to your banking app to approve the transaction. The funds will land in your Tiger Brokers account instantly.
How do I connect my Tiger Brokers account with Akahu?
Click here to read a step-by-step guide on how to connect your Tiger Brokers account with Akahu.
Do I have to reconnect to Akahu each time I fund my Tiger Brokers account?
No, the connection is ongoing and can be managed in the settings section of your Tiger Trade app or at my.akahu.nz.
What data and access do you collect as part of the linking?
If you are trying to link Akahu, we will collect the following information:
- Identity details - such as, your name and address associated with your connected accounts so we can determine it is your bank account.
- Account details - such as, your balance, and account name and number. This is required to know you have the available balance to fund your Tiger Brokers account.
- Payment Initiation, so that you can initiate a payment request through Tiger Trade app or Personal Centre.
How does it actually work?
When you connect your bank account via Akahu, a token will be created to access your account, and your credentials will be immediately deleted from our system. This keeps your information private and confidential. When you initiate a deposit through Tiger Brokers, we'll send the payment instructions to Akahu, who will use the token to initiate the payment from your connected bank account. This token is stored securely, and cannot be used to recreate your credentials.
How does Tiger Brokers and Akahu protect my data?
Tiger Brokers uses advanced security and encryption technology during the login and trading process. Based on a strict internal control system, Tiger Brokers is able to prevent external attackers from accessing the users private information and transactions.
In addition, we have obtained both the ISO20000 and ISO27001 certifications, signifying the standardization and systematization of our technical service management and information security management to meet the strict requirements of international information security.
Akahu uses 256-bit AES bank-grade encryption with modern cloud services (AWS) to leverage the world leading infrastructure and security controls. You can read more about their safety controls here.
Who can use Akahu?
- Customers who bank with: ANZ, ASB, Westpac, Kiwibank, Heartland, TSB, and the Co-operative Bank can connect via Akahu.
- You'll need the login details to the relevant bank account, and that account must be accessible via your bank's mobile app.
- Your individual account may have a transaction limit, so ensure this is large enough to cover your deposit.
- Accounts which require two authorisers can’t use Akahu, you will have to use one of our other deposit methods.