Big banks eye warnings on legacy Open Banking technology

The Government favours fintechs using safe application programming interface (API) technology over risky third-party impersonation (TPI) tools. (Image: DepositPhotos)

Andy Macdonald

Wed, 19 Nov 2025

Big banks want fintechs using third-party impersonation tools to facilitate Open Banking to be required to visibly warn customers of the potential risks involved, a marked shift away from current practices.This opinion of the big-four banks is also held by multiple pure-API fintechs as open banking in New Zealand is poised to formally begin on Dec 1 this year. API and TPI, both explained below, are different technological methods that underpin Open Banking, but customers will not know which they are exposed to unless formally advised. API...

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