Commerce Commission market study and application for authorisation
20 Aug 2024
Attribute to Payments NZ chief executive Steve Wiggins:
“We welcome the recommendations that have arisen from the Commerce Commission Te Komihana Tauhokohoko market study into personal banking services.
“Today’s announcement speaks to the importance of Payments NZ in Aotearoa New Zealand’s economy.
“We’re also pleased today’s approval of our application for authorisation by the Commerce Commission means we can establish new frameworks for banks and third parties to collaborate and innovate more effectively.
“We have led hundreds of thousands of hours of work across the industry to launch open banking standards and seven-day payments, among other initiatives.
“This built the foundations for the open banking solutions New Zealanders are already using and lays the runway for the future growth in open banking and payments innovation the Commerce Commission is looking for.
“We look forward to the continued acceleration of open banking under the Customer and Product Data Bill, and are particularly pleased to see the Government has committed to investigating opportunities for early adoption of open banking by Government to drive wider uptake of open banking across the economy.
“The report today acknowledges our team’s valuable contribution to the development of the open banking ecosystem that’s in place now, and sets the stage for how we, other industry players, and Government can supercharge open banking and payments innovation for all.
“We look forward to continuing discussions with the Commerce and Consumer Affairs Minister and the Commerce Commission about how we can continue to work most effectively,” concludes Wiggins.