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New Zealand banks should be prepared for open banking by Dec 1, government says

( May 2, 2025, 02:06 GMT | Official Statement) -- MLex Summary: New Zealand's four major banks, Australia and New Zealand Bank, Commonwealth Bank of Australia owned ASB Bank, Bank of New Zealand and Westpac Banking Corporation, must ensure their open banking systems are ready to comply with new data-portability laws by Dec. 1, the government has announced. In a statement today, New Zealand’s Commerce Minister Scott Simpson said that the government is designating banking as the first sector under the 2025 Customer and Product Data Act, which was passed in March. He added that the customers would likely be able to benefit from open banking that allows third parties to access data held by banks on behalf of a customer by Dec. 25.The full statement by Commerce Minister Scott Simpson follows and the open banking factsheet is attached:...

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