The New Zealand Government declared last month that open banking is coming to the island nation. This much-needed reform is the first step in making New Zealand’s financial ecosystem livelier and more competitive.
As the nation gets ready for this new banking model, it must learn a lot from what Europe and the United Kingdom have gone through, especially with regard to worries about governance and data protection.
Advantages of open banking
A consumer data rights (CDR) framework, a system for safely and securely transferring personal data across multiple service providers, facilitates open banking. It means that Kiwis will be able to compare mortgage rates and other financial products more readily.
Open banking is gaining popularity around the world because it assists in the integration of new financial service providers into the financial ecosys
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