Commerce Commission draft determination a step towards simpler partnering in open banking
1 Jul 2024
We welcome today’s draft determination on our application for authorisation under the Commerce Act, from the Commerce Commission Te Komihana Tauhokohoko.
Our application, made by Payments NZ on behalf of the API Centre, banks and third parties, seeks permission to work with open banking stakeholders to make partnering simpler and more efficient.
In our application, we’re proposing a new partnering framework that would include an accreditation scheme and default terms and conditions for banks and third parties to use. Under this model, accredited third parties would have the right to partner with banks using standard terms and conditions.
The Commission has indicated that it will grant the authorisation, subject to a range of conditions, for a period of 18 months. We’re reviewing the draft determination in detail and will be making a submission to the Commission in relation to this.
You can view the Commerce Commission’s draft determination online here, along with our original application and all related documents on the Commission’s website.