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ARTICLE · 13 DECEMBER 2024

Leaping forwards: recent developments in open banking in NZ

An overview of open banking and its potential benefits.

New ZealandCoronavirus (COVID-19)

A busy August saw a number of developments in New Zealand's evolving open banking landscape. In this update, we cover:

  • An overview of open banking and its potential benefits.
  • Recommendations made about open banking in the Commerce Commission's personal banking services market study, published on 20 August 2024.
  • The 18-month conditional authorisation granted to Payments NZ Limited (Payments NZ) on 20 August 2024 to develop a partnering framework for open banking.
  • The Commission's 13 August 2024 recommendation to designate the interbank payment network under the Retail Payment Systems Act 2022 (RPS Act).
  • The Ministry of Business, Innovation and Employment (MBIE) consultation on regulations to designate banking under the Customer and Product Data Bill (CPD Bill), which opened on 29 August 2024.

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