Application for authorisation of a restricted trade practice
16 Jan 2024
Payments NZ has lodged an application for authorisation of a restricted trade practice with the Commerce Commission.
We are seeking the Commission’s approval to work with open banking stakeholders on the development of a clear, consistent and transparent partnering system for banks and third parties.
A new system could streamline how third parties make their secure open banking applications available to customers of banks that use API technology standards from the Payments NZ API Centre.
We want to enable third parties to gain a new form of accreditation that would allow them to partner with banks using common terms and conditions. This would replace the existing process that requires third parties to negotiate individual bilateral contracts with each bank.
We are strongly focussed on leading the growth of the open banking ecosystem in Aotearoa New Zealand. Our application to the Commission represents a significant step in making it easier for banks and third parties to work together to offer open banking to New Zealanders.
To view our application please visit the Commerce Commission website.