Payments NZ statement on open banking
10 Nov 2022
MEDIA RELEASE
Payments NZ and the API Centre are pleased with Minister Clark’s announcement this morning that banks will be the first sector to be designated under Aotearoa New Zealand’s Consumer Data Right (CDR) framework.
We’ve long been supportive of having a fit-for-purpose consumer data right framework in Aotearoa. The opportunities this brings in terms of enabling economic prosperity and financial wellbeing cannot be understated.
At Payments NZ’s biennial conference, The Point 2022, yesterday and today, we led industry discussions about how we can continue to work together effectively and efficiently on a number of fronts to bring more open banking products and services to market.
Together with the industry, from banks to startups, the Payments NZ API Centre is creating the open banking standards and protocols needed to ensure fast, secure, user-friendly data sharing and payments for Aotearoa New Zealand.
The work we’re doing through our API Centre is pivotal in enabling the industry to work together, ensuring outcomes are fit for purpose and developing the level of detail and tools needed to expand open banking initiatives beyond what currently exists.
In the next six months, we will be delivering an industry implementation plan for our API standards, which will enable faster and easier partnerships. We’re also working on other areas which will be covered by a CDR, such as a partnering framework and a centralised due diligence assessment service.
As an industry we are creating world class payments for Aotearoa. But there is more work to be done and the Payments NZ API Centre will continue to lead open banking.
We are looking forward to reviewing and responding to the exposure draft of this framework when it is released in early 2023. We are also eager to work closely with the Minister, other government officials, our industry, and the business community to implement this new legislation, which will ultimately see more open banking products and services brought to life to benefit consumers and our economy as a whole.