Payments NZ wants changes to open banking bill

The API Centre was established in 2019 and has developed standards for open banking known as application processing interfaces (APIs) that will facilitate open banking.

In a white paper, Payments NZ says the Customer and Product Data Bill, which was introduced into parliament by the outgoing government, has some shortcomings.

The bill aims to establish that consumers have a right to access their own data and to direct who else has access to their data with the banking industry set to be first cab off the rank.

“We have concerns that, as currently drafted, the bill does not fully embrace the strategic value already created by the centre and industry with a view to growing and further developing scalable and sustainable products and services for customers,” the white paper says.