Fintechs don’t want Payments NZ in charge of open banking

Dosh CEO Shane Marsh says Payments NZ's bank-heavy board has ultimate approval of the API Centre council's recommendations. (Image: Dosh)

Ben Moore

Thu, 04 Apr 2024

The two entities most involved in planning the rollout of open banking should be separated to ensure that innovation is driving competition in the industry, says Shane Marsh, chief executive and co-founder of local money management app Dosh.The API Centre, which sets the standards for the application programming interfaces (APIs) fundamental to the new regime, is an arm of Payments NZ, the organisation that governs the country’s core payment clearing systems for banks and other financial institutions.The Commerce Commission recently found...

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