This comes as Payments NZ publishes its minimum open banking implementation plan. Open banking requires banks to share product and customer data with customers and third parties, with the consent of the customer. But Clark said then that actual implementation of open banking was still two years away. While limited open banking is already happening in NZ, Payments NZ says the timeline draws a line in the sand for broad market adoption and coverage. “Open banking is a powerful tool for enabling economic prosperity and financial wellbeing for consumers in Aotearoa.

Source: New Zealand Herald May 30, 2023 02:25 UTC