Payments NZ responds to draft Customer and Product Data Bill, commitment to open banking

22 Jun 2023

Payments NZ welcomes the release of the exposure draft of the Customer and Product Data Bill, which will bring in a Consumer Data Right (CDR) for Aotearoa New Zealand. We see this as an important step forward for consumers in Aotearoa, helping provide greater choice and control about how their data is used and shared with third parties to access products and services.

The Payments NZ API Centre is currently leading the development of the industry trust framework for open banking standards and services in Aotearoa. We’ve worked with the industry to create and continue to develop and implement co-ordinated services, standards and protocols which ensure fast, secure, user-friendly data sharing and payments for Aotearoa. Customer consent and the safety and security of customer data is at the heart of our API standards.

Our work contributes to a progressive, innovative, and trusted open banking ecosystem by enabling financial inclusion and promoting interoperable, innovative, safe, open, and efficient API-based services for New Zealanders.

The services offered by the API Centre, such as our centralised sandbox, customer experience guidelines, minimum open banking implementation plan, free Community Contributor programme and more, are designed to support organisations as they join the centre to use and operationalise our API standards.

Implementation of our standards will be in place next year for the four major banks, and progress on the CDR legislation is timely and will contribute over time in giving consumers confidence in innovative and safe data sharing products and services.

Payments NZ Chief Executive Steve Wiggins says a fit-for-purpose consumer data right can drive competition and innovation across the whole economy.

“We welcome this exposure draft and are pleased that it states the government intends to build on the standards already created by the Payments NZ API Centre. We look forward to working through this consultation in detail. It will be important to get the detail right so it is fit-for-purpose for Aotearoa and ensure benefits to consumers are delivered alongside the appropriate protections.”