New Zealand's largest banks advance open banking services with third-party partnerships

The four largest banks in New Zealand are set to enhance open banking services by partnering with third-party financial providers. ANZ, ASB, BNZ, and Westpac have met the deadline to implement technology for secure data sharing. This development marks a significant step in open banking, following the introduction of digital payment connections in May. Customers can now share their banking information without giving away their usernames or passwords. The new system allows for better financial management by aggregating data from multiple banks. It aims to improve loan decisions and provide tailored financial advice based on customers' spending habits. Data on open banking usage will be released next year.