WELLINGTON, New Zealand—New Zealand is set to introduce open banking within the next two years. The objective is similar to that recently announced by the CFPB, as CUToday.info reported here.
"Open banking ensures banks must share customer information if they request it, making it easier for New Zealanders to compare mortgage rates, apply for loans and switch banks," Minister of Commerce and Consumer Affairs David Clark said in a statement.
In July 2021, the government agreed to establish a consumer data right framework (CDR), and the country’s banks will be the first sector to implement the mechanism, said Clark.
“Proponents of open banking say it may allow consumers to share their banking data with other providers to get better and cheaper services than what they already have,” added Reuters in its analysis.
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