Open banking pilot begins in New ZealandKATHRYN GEORGE/STUFF Open banking requires trust to thrive. A pilot project has begun which could pave the way for safer "open banking". Open banking involves clever tech companies building consumer-friendly money management and payment apps giving people more control over their banking, and potentially driving the cost of banking down. But to win consumer trust, open banking needs secure interfaces between banks and app providers, including systems to prevent crooks from posing as open banking providers and stealing people's money. Britain has been taking a lead on open banking, driven by a desire to give the public cheaper and more transparent banking following a number of British banking scandals.

Source: Stuff March 23, 2018 17:00 UTC