Bank-owned company gets nod to play key role in open banking standards

The Commerce Commission’s draft decision suggests only independent Payments NZ board directors can have a say in decisions related to the proposed arrangement. (Image: Commerce Commission)

Ben Moore

Mon, 01 Jul 2024

The Commerce Commission has proposed approving Payments NZ’s application to play a key role in developing open banking standards with some strings attached.Payments NZ manages payments systems in NZ. Its shareholders are ANZ, ASB, BNZ, Citibank, HSBC, Kiwibank, TSB Bank and Westpac.Open banking will enable bank customers to securely share their financial data with other companies that can provide services their banks don’t.The regulator's proposed conditions include prohibiting non-independent directors of the industry body&rsqu...

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