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New Zealand on the path to open banking

New Zealand is well on the path to open banking, with Payments NZ releasing the first API standards for payment initiation and account information. A pilot test for open banking and digital payments in the country was held in March 2018 by six partners (ASB, BNZ, Datacom, Paymark, Trade Me and Westpac) representing both banks and third-party servicers.

This latest step will make it easier for organizations to partner and will bring financial service innovations to market more simply and quickly.

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