What’s at stake: The future of banking and financial services depends on the development of fair and equitable technology standards. There is debate about whether the current industry-led effort will suffice.
Background: In 2010 the main banks formed Payments NZ and supported pilot testing initial open banking standards during 2018. At the end of May 2024, the banks released v2.1 of their standardised Payment Initiation API.
Key players: ASB, ANZ, BNZ, Westpac, Kiwibank, Payments NZ, API Centre, Akahu, BlinkPay, Squirrel, Dosh.
When the four main banks released the Payment Initiation v2.1 API standard on May 30 it was a culmination of work that started in 2015 to make what’s called “open banking” a reality in New Zealand.
From bank employees to staff from the bank-owned entities leading the charge on open banking –
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Key points
What’s at stake: The future of banking and financial services depends on the development of fair and equitable technology standards. There is debate about whether the current industry-led effort will suffice.
Background: In 2010 the main banks formed Payments NZ and supported pilot testing initial open banking standards during 2018. At the end of May 2024, the banks released v2.1 of their standardised Payment Initiation API.
Key players: ASB, ANZ, BNZ, Westpac, Kiwibank, Payments NZ, API Centre, Akahu, BlinkPay, Squirrel, Dosh.
