The journey to greater openness in banking in New Zealand
summary
Payments NZ drives an industry-led API framework that pilots banks and third parties on adapted UK Open Banking v2 standards, publishing v1 in March and launching an API Centre in May with an API Council (6 banks, 6 third parties, 3 independents, regulator observer). Standards cover account information and payment initiation; version 2 adds enduring payment consent (recurring/conditional bank-to-bank payments). Adoption today includes 9 banks representing 95% market, 10 third parties and a pipeline of 80–100; access is registered, bilateral, consent- and liability-framed, and expected to be low-cost.
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chapters (18)
- 0:00Intro
- 4:55Why open banking
- 6:43Digital life technology
- 7:10Industry strategic focus areas
- 8:00Why open banking makes sense
- 8:50The basis of open banking
- 9:15Why its not regulatory driven
- 9:40The journey so far
- 12:42Founding principles
- 13:40API Council
- 16:13Payments NZ Standards
- 16:27Payments NZ v2
- 16:38Enduring Payment Consent
- 18:23Release Canada
- 20:02Party Interest
- 20:39Regulator Interest
- 22:37Open Banking
- 23:02Questions
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