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Open banking: How to opt in - and out - of the new payment system (www.rnz.co.nz)

submitted 8 months ago by [email protected] to c/[email protected]

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From 30 May, New Zealand's four major banks - ANZ, ASB, BNZ and Westpac - must offer the secure payment service - although some already have it in place.

It allows customers to give a third party (such as an online retailer) permission to connect to their banking information, meaning there is no need to enter credit or debit card details to make a purchase.

Open banking can be used both on retailers' websites and on their mobile app, if they have one

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[–] [email protected] 2 points 8 months ago (2 children)

What is to stop you from creating an account that only has a connection to your insurance company....or is this supposed to be we get access to literally all of your accounts and spending habits?

[–] [email protected] 2 points 8 months ago

Depends if the insurance company will allow that. I would say they won't. It's game over at that point.

[–] [email protected] 2 points 8 months ago

They would probably require you provide the account that your salary goes into, then ask for explanations for any money leaving that they can't categorise.

This is probably similar to asking people to provide 3 months of bank statements, which happens today. I'm not usually a slippery slope kind of guy but making it easy to automatically scan your transactions may well change the industry for the worse. Would be interesting to know how this affected things in Europe, I think it's been around there a long time.