Open banking coming before the end of next year

Customers will be able to share their banking data with third parties in 2024. (Image: Getty)

Tue, 30 May 2023

The country’s four biggest lenders will be live with open banking standards by the end of next year. Industry group Payments NZ published a plan setting out the timeline for ANZ Bank NZ, ASB Bank, Bank of NZ and Westpac to be operationally and technically ready for open banking. The big four must be ready for a payment initiation application programming interface (API) standard by May next year and an account information API standard in November 2024, enabling customers to make electronic payments and share their banking data wi...

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