NZ's four major banks will soon provide open banking - a new way to pay and track funds. Here's how it works.

From 30 May, New Zealand’s four major banks - ANZ, ASB, BNZ and Westpac - must offer the secure payment service - although some already have it in place.

It allows customers to give a third party (such as an online retailer) permission to connect to their banking information, meaning there is no need to enter credit or debit card details to make a purchase.

Open banking can be used both on retailers’ websites and on their mobile app, if they have one

  • ms264556@beehaw.org
    2·
    6 months ago

    They’ll already insist on whatever information they feel is useful. This just saves them from scanning in your statements.

    • ms264556@beehaw.org
      3·
      6 months ago

      And working in finance (in UK & Europe), they generally collect and keep as little data as is necessary anyhow - personal data is a pain to safely manage these days, and I’m always keen to be responsible for as little of it as possible.

      • makingStuffForFun
        3·
        6 months ago

        You live in Europe. I live in Australia. I don’t know about NZ, but it’s the wild west here. I don’t trust any of these companies.

        Insurance bot: Oh look… makingStuffForFun is buying more sugary items this month. And alcohol. Up their insurance.