Open Finance ANZ

🇳🇿 Here is the Aotearoa New Zealand Open Banking Ecosystem Map! The 23-page document describes the evolution of #OpenBanking in New Zealand and presents a visual map of 100+ participants organised into 8 categories with both data holders and data recipients represented. It's the result of an industry-wide collaboration led by Open Finance ANZ, and supported by Payments NZ, FinTechNZ, FinTech Australia, with the assistance of Mastercard Open Banking. The use cases that currently feature most prominently are: 1. payments 2. accounting & bookkeeping 3. PFM 4. wealth & investing 5. lending & credit, including broking. The report is available as a free download (no email required) here: https://lnkd.in/gudyds5D Thank you to Chapman Tripp for hosting the launch event in Auckland last night and to Minister Andrew Bayly for attending and saying a few words. Jane-Renee Retimana Jason Leong Josh Daniell Jason Roberts Jennifer Harrison Brenton Charnley #OpenFinance

New Zealand's FMA - the equivalent of Australia's ASIC - has launched a pilot "regulatory sandbox!" This is good news for #FinTech innovators seeking to prove up a new #OpenBanking product! An initial pilot phase will run from January to July 2025, with a decision on the need for a permanent FMA regulatory sandbox to be made later in the year. This pilot will be open to all parts of the financial sector that come under the FMA remit and can include both new entrants and those firms already with a market presence.  The pilot is also open to more than just regulated financial services, and can include products or services that, for example, simplify compliance solutions, or use blockchain or regulatory technologies. 👉 EOI are now open. For this initial phase, the FMA is looking for firms who: 1. Have a product ready to be tested in the New Zealand market with customers. 2. Understand what aspects of existing financial regulation apply to their product or service. 3. Have considered where they need guidance from the FMA and why participation in the sandbox will help to their ‘go to market’ plans. You can also get in touch now with a view to be included outside of this six-month window. More information here: https://lnkd.in/gUfnffS7 #OpenFinance #OpenData FinTechNZ

New Zealand is picking up the pace in #OpenBanking! The four big banks - ANZ, ASB, BNZ and Westpac NZ - last week confirmed their readiness to partner using the Account Information API standard, which means the 30 November 2024 deadline for the second implementation milestone has been met. This now opens the doors for banks, fintechs and third parties to offer a wider range of open banking products and services. Payments NZ Chief Strategy and Innovation Officer Jane-Renee Retimana said the achievement of the second milestone this year shows the momentum behind open banking in Aotearoa. “Being able to securely share the information they want with trusted third parties is going to directly benefit consumers, with things like digital budgeting and personal financial management tools, easier loan applications, savings advice and more,” she said. Examples of local and international services using account information APIs were previewed at the API Centre’s second Open Banking Showcase on 20 November, held during The Point 2024 conference in Tāmaki Makaurau Auckland. ➡️ Read more here: https://lnkd.in/gTkAJBFi #OpenFinance #OpenData #FinTech

Australia is getting closer to turning #OpenBanking into #OpenFinance! In 2023, Treasury released draft amendments to the CDR Rules to include non-bank lending. Following stakeholder feedback, and Minister Stephen Jones's confirmation in August that non-bank lending is expected to join the #ConsumerDataRight from 2025 onwards, Treasury has now released revised rules for further consultation. Bringing non-bank lending into CDR is expected to facilitate more informed consumer engagement with banks and non-bank lenders, leading to improved financial outcomes for individuals and businesses. It will also increase the availability of data, which can be used for #FinTech innovation, and help consumers to understand and manage their finances. 🖊️ Written submissions or enquiries may be addressed to CDRRules@treasury.gov.au with submissions due on or before Tuesday, 24 December 2024. 🟣 More information here: https://lnkd.in/g2GcuRVc #OpenData #CDR

🗞️ Breaking news - Minister Stephen Jones has announced changes to the #CDR Rules - effective today, Tuesday 12 November 2024 - to make it easier for consumers to use #OpenBanking and #OpenEnergy in Australia. Today's Rules update follows a stakeholder consultation process on operational simplifications, including consent. These changes will: 1. Simplify the consent process and streamline requirements for providers. By allowing consents to be bundled, consumers would be able to provide multiple consents through one single action. This will improve the consumer experience and increase uptake. 2. Remove barriers for banks by simplifying requirements that apply when an accredited bank seeks data from a consumer. The previous process was complex and confusing for consumers, often resulting in them dropping out. 3. Support innovation by extending a trial of CDR‑enabled energy products to 24 months (up from 12 months) and to 2,000 customers (up from 1,000). The expansion will ensure the trial period supports the unique nature of energy contracts, essentially giving energy innovators a #ConsumerDataRight carve-out. This exemption is aimed at removing a perverse disincentive to trial new innovative products because CDR also introduces new data sharing and security obligations. Work on proposed amendments to improve small business participation in the CDR is ongoing. FinTech Australia chief executive Rehan Mark D'Almeida said: “CDR rule changes announced today will help move the needle on CDR adoption, and follows a strong push from our membership to make it easier for consumers to give their consent and to streamline operational processes”. ➡️ Full statement here: https://lnkd.in/gksWZatG #FinTech #OpenFinance #OpenData

What a big week for #OpenFinance in Aotearoa New Zealand! 🇳🇿 ✔️ The inaugural edition of the New Zealand Open Banking Ecosystem Map and Report landed! You can get your copy here: https://lnkd.in/gudyds5D ✔️ Women in Open Banking ANZ held its first Auckland workshop and networking session expertly led by Lan Yin from Mastercard Open Banking and kindly hosted by Chapman Tripp in their offices. Head over to the #WiOB_ANZ page here on LinkedIn to see the photos and share the learnings. ✔️ Bank of New Zealand announced an M&A deal with BlinkPay, one of the OGs of #OpenBanking and #FinTech in New Zealand. Adrian Smith, co-founder and CEO of BlinkPay, said: "BNZ’s support gives us the resources to accelerate our mission and help grow the Open Banking ecosystem across Aotearoa." “As a Māori-led business, we bring a unique perspective to financial innovation. BNZ understands and values this and they’re backing our vision while enabling us to retain our startup DNA,” Smith said. In August, BNZ became the first bank in New Zealand to implement Payments NZ’s Account Information API v2.1 standards, three months ahead of the deadline. BNZ chief executive officer Dan Huggins said: “BNZ has been at the forefront of Open Banking in New Zealand since 2018, with more than 250,000 customers already benefiting from innovative financial services enabled by BNZ’s Open Banking technology.” Read more here - https://lnkd.in/duwk6G4c #ConsumerDataRight #OpenData #Payments

Our Chair Gina Cass-Gottlieb shared new data on uptake and use of the Consumer Data Right (CDR), in a speech at the Gilbert + Tobin Financial Services Forum in Sydney yesterday. “Usage and uptake of the Consumer Data Right is showing exciting potential to help consumers access new products and services, including better deals on a range of banking and financial products. Data sharing under the CDR is occurring on a daily basis and the underlying digital infrastructure of the CDR has handled increasingly heavy traffic while maintaining fast response times.” – Gina Cass-Gottlieb. We're also seeing continuing growth in the number of people who – having provided their consent to share data – are receiving CDR-related services from participants in the ecosystem. In the six months to June 2024, CDR participants reported to the ACCC that they received almost 390 million requests for consumer data. Read more: https://bit.ly/3YWvtIl

📰 Exciting news last week that Aussie #OpenBanking payments startup Waave has been acquired by UK #FinTech Banked : The deal follows Banked’s recent entry into the Australian market in partnership with NAB, by teaming up to deliver an innovative "Pay by Bank" solution and accelerate the adoption of account-to-account payments for Australian merchants. Australia is a key market for Banked, who are now working with leading banks and merchants to build the strongest "Pay by Bank" solution for local businesses and consumers. One business at the front of the queue, due to its existing relationship with Waave, is Chemist Warehouse, which has big plans to activate a seamless and secure "Pay by Bank" solution in its online and in-store operations, launching in early 2025. The solution is underpinned by PayTO and is activated by a QR code at the cash register. Banked CEO Brad Goodall said that project was a critical factor in the acquisition. “Acquiring Waave is a major step forward in our mission to expand our global payments network,” he said. 👉 Read more here: https://lnkd.in/gya3g_Q3 #OpenFinance #ConsumerDataRight #Payments

The ACCC has recently published its "Consumer Data Right (CDR) Compliance Review of Product Reference Data (PRD)." PRD data quality was identified in 2023 as a priority under the ACCC and Office of the Australian Information Commissioner Compliance and Enforcement Policy for the #ConsumerDataRight. TL;DR - The review has found there is a need for data holders to enhance their processes to ensure their PRD remains accurate and up to date. Key take-aways: 1) High-quality data is crucial for the effective delivery of #CDR products and services and to ensure accuracy, up-to-date information, and completeness. 2) Many data holders are the subject of compliance concerns, particularly with respect to the accuracy and consistency of PRD, such as home loan descriptions and fee information. 3) There is a wide variety of processes among data holders for updating and monitoring PRD, with some relying heavily on manual processes, which may increase the risk of inaccuracies. Next steps and actions: ➡️ The ACCC will continue to monitor compliance, provide guidance, and consider further regulatory actions to improve data quality in the CDR ecosystem. ➡️ All data holders under the CDR regime are encouraged to review the report to help ensure compliance and improve the overall quality of PRD within the #OpenBanking ecosystem. #OpenFinance #OpenData #FinTech

Closing soon! Don't miss your chance to be a part of the launch of the Aotearoa New Zealand Open Banking Ecosystem Map and Report! 🎉   Open Finance ANZ are conducting a market survey to collect insights to build the first Open Banking Ecosystem Map and Report for New Zealand - a snapshot of the industry in 2024 including participants, roles and use cases.   This survey takes less than 5 minutes to complete!   https://lnkd.in/gGPQDCwy   Your responses and insights will be featured as part of the first New Zealand Ecosystem Report Map by Open Finance ANZ, in partnership with Mastercard, Payments NZ, FinTechNZ, and FinTech Australia.   📅 The survey closes on Friday 4th October 2024.