Govt orders banks to move to open banking

Commerce and consumer affairs minister David Clark. (Image: Getty)

Thu, 10 Nov 2022

The government is ordering banks to prepare to implement open banking as part of its push to establish a consumer data rights framework (CDR) to encourage competition and make it easier to access better deals.“Open banking ensures banks must share customer information if they request it, making it easier for New Zealanders to compare mortgage rates, apply for loans and switch banks,” said commerce and consumer affairs minister, David Clark.“Open banking is a requirement on the Australian-owned banks’ parent companies acr...

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