this post was submitted on 26 May 2024
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Open banking: How to opt in - and out - of the new payment system (www.rnz.co.nz)
submitted 6 months ago by Dave to c/newzealand
20 comments fedilink hide all child comments
 

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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[–] ms264556@beehaw.org 2 points 6 months ago (1 children)

They'll already insist on whatever information they feel is useful. This just saves them from scanning in your statements.

[–] ms264556@beehaw.org 3 points 6 months ago (1 children)

And working in finance (in UK & Europe), they generally collect and keep as little data as is necessary anyhow - personal data is a pain to safely manage these days, and I'm always keen to be responsible for as little of it as possible.

[–] makingStuffForFun@lemmy.ml 3 points 6 months ago

You live in Europe. I live in Australia. I don't know about NZ, but it's the wild west here. I don't trust any of these companies.

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