NEW ZEALAND
New Zealand is set to establish an Open Banking framework by 2024,
Following the successful model of Australia's Consumer Data Rights (CDR) standards. Open Banking aims to empower customers to share their financial data with other service providers, simplifying mortgage rate comparisons, loan applications, and bank switching. This initiative will provide consumers with greater control over their financial data and promote competition in the banking sector.
While specific framework details are under development, it is expected to closely align with Australia's established CDR standards. New Zealand's move towards Open Banking mirrors a global trend, prioritizing customer choice and fostering innovation in financial services.
Updated: November 2023
