Submission on open banking regulations and standards under the Customer and Product Data Bill
24 Oct 2024
We recently made a submission to the Ministry of Business, Innovation and Employment Hīkina Whakatutuki (MBIE), responding to its discussion paper on open banking regulations and standards under the Customer and Product Data Bill.
Our submission calls for a well-coordinated and comprehensive way forward to allow the Bill to meaningfully advance open banking. It puts forward a range of practical suggestions, including proposing that MBIE publish a CPD policy roadmap to provide clarity and support engagement across industry and regulators on shared goals.
A key proposal within our submission is that MBIE adopt a model for recognising standards bodies under the Bill. This approach provides an opportunity for MBIE to harness the API Centre’s expertise and experience in open banking, which we believe is vital for building a flourishing ecosystem and maintaining existing industry momentum.
You can read our full submission here.
You can also read our summary of the recognition model here.