Very easy, it takes a matter of minutes to be onboarded.
We are currently based on the North Shore of Auckland and will soon be opening an office in the United Kingdom.
Open Banking is a system that allows third-party providers (TPPs) to access bank account information and payment services through an open API (Application Programming Interface).
Open Banking is important because it gives customers greater control over their financial data and provides access to a wider range of financial services from multiple providers.
Open Banking allows customers to share data such as their account balances, transaction history, and other financial information.
Yes, Open Banking is designed with security in mind and uses advanced encryption and authentication methods to protect your financial data.
No, sharing your financial data is entirely optional and requires your explicit consent.
Yes, you can revoke your consent to share your financial data with third-party providers at any time.
Third-party providers can offer a range of services such as payment initiation, account aggregation, and financial management tools.
Open Banking is currently available in many countries including the UK, Europe, Asia, America, Brazil, Australia and New Zealand but the regulations and requirements may will vary depending on the country.
Open Banking allows for greater competition and innovation in the financial sector by allowing third-party providers to offer services that were previously only available through traditional banks.
Yes, you can still use your traditional bank for banking services even if you use Open Banking to access additional financial services from third-party providers
Yes, transferring funds through Open Banking is safe as it uses secure authentication and encryption methods to protect your financial data and transactions.
Your funds are protected by the same regulatory and consumer protection standards that apply to traditional banking services.
If there is an error or fraud with a fund transfer made through Open Banking, you will be protected under the same fraud and error resolution procedures that apply to traditional banking services.
No, unauthorized third-party providers cannot access your bank account information or initiate fund transfers without your explicit consent and secure authentication methods.
Authorised third-party providers will be listed on PaymentsNZ website. Each authorised third-party have gone through a rigorous vetting process to ensure they meet the necessary security and regulatory requirements. You can see them here: