Open Banking on its way to NZ

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Forums › Finance and wealth management › Open Banking on its way to NZ

tardtasticx

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#231998 24-Mar-2018 20:18

Just seen this article on Stuff: https://www.stuff.co.nz/business/102524114/open-banking-pilot-begins-in-new-zealand

It'll be a big job in terms of implementing it and setting all the rules up. If they get it right I think this would be an amazing step forward.

Has anyone had any experience using such a thing in an overseas market? Looks like it's somewhat established in the UK already.

Geektastic

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#1982703 24-Mar-2018 21:30

Sounds like a nightmare in waiting to me.

What can they do that I can't already do with the app from my own bank?

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gzt

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#1982705 24-Mar-2018 21:47

Pay for a subscription service without a credit card?

other than boring things like that it creates opportunities for all kinds of 3rd party services. Atm it's all two step with ofx etc and has not really happened.

ANglEAUT

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#1982721 25-Mar-2018 00:40

Geektastic: ... What can they do that I can't already do with the app from my own bank?

Automation & scale

Just because you don't see it, doesn't mean the opportunities don't exist.

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

Geektastic

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#1982749 25-Mar-2018 09:52

IcI:

Geektastic: ... What can they do that I can't already do with the app from my own bank?
Automation & scale

Just because you don't see it, doesn't mean the opportunities don't exist.

Which is why I asked what they were. Still waiting, tbh.

The last thing I would want is Russian app developers getting my bank details to play with...

afe66

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#1982756 25-Mar-2018 10:04

And deep down in the terms and conditions of the app will be a disclaimer and all care and no responsibility...

Jase2985

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#1982762 25-Mar-2018 10:09

Geektastic:

Which is why I asked what they were. Still waiting, tbh.

The last thing I would want is Russian app developers getting my bank details to play with...

because the information is going to be unencrypted.......

you know YOU could always do some looking into it instead of wanting others to do it for you.

Geektastic

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#1982855 25-Mar-2018 13:33

Jase2985:

Geektastic:

Which is why I asked what they were. Still waiting, tbh.

The last thing I would want is Russian app developers getting my bank details to play with...

because the information is going to be unencrypted.......

you know YOU could always do some looking into it instead of wanting others to do it for you.

I am looking into it, by asking a community of tech experts...

DarthKermit

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#1982954 25-Mar-2018 17:55

As someone who uses EFTPOS, ATMs and occasionally Internet banking, I'm unsure why I'd want to consider such a thing.

ANglEAUT

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#1983092 25-Mar-2018 23:32

Geektastic:
Jase2985:
Geektastic: Which is why I asked what they were. Still waiting, tbh. ...
... you know YOU could always do some looking into it ...
I am looking into it, by asking a community of tech experts...

DarthKermit: ... I'm unsure why I'd want to consider such a thing.

I look forward to the day of near instant transfers of money, locally between banks and internationally. No more overnight delays & batch processing. No more pending credit card transactions over the weekend. No more POLi. I wish real time, authorised access with granular control was already available for online integrations to my budgeting app (YNAB / Pocketsmith, etc...)

These are my current wishes. There are many others that can add to this list.

@Geektastic & @DarthKermit - We do science, not because of the immediate pay off, but because of what is possible tomorrow, thanks to today's work.

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

Geektastic

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#1983093 25-Mar-2018 23:37

IcI:

Geektastic:
Jase2985:
Geektastic: Which is why I asked what they were. Still waiting, tbh. ...
... you know YOU could always do some looking into it ...
I am looking into it, by asking a community of tech experts...

DarthKermit: ... I'm unsure why I'd want to consider such a thing.

I look forward to the day of near instant transfers of money, locally between banks and internationally. No more overnight delays & batch processing. No more pending credit card transactions over the weekend. No more POLi. I wish real time, authorised access with granular control was already available for online integrations to my budgeting app (YNAB / Pocketsmith, etc...)

These are my current wishes. There are many others that can add to this list.

@Geektastic & @DarthKermit - We do science, not because of the immediate pay off, but because of what is possible tomorrow, thanks to today's work.

I'm pretty sure that the banks could do all those things today using existing solutions if they really wanted to.

ripdog

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#1983107 26-Mar-2018 02:49

This is excellent news. This kinda thing could be the solution to the POLi dilemma, and perhaps weaken the grip mastercard and visa have on us all.

lchiu7

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#1983217 26-Mar-2018 10:13

Geektastic:

IcI:

Geektastic:
Jase2985:
Geektastic: Which is why I asked what they were. Still waiting, tbh. ...
... you know YOU could always do some looking into it ...
I am looking into it, by asking a community of tech experts...

DarthKermit: ... I'm unsure why I'd want to consider such a thing.

I look forward to the day of near instant transfers of money, locally between banks and internationally. No more overnight delays & batch processing. No more pending credit card transactions over the weekend. No more POLi. I wish real time, authorised access with granular control was already available for online integrations to my budgeting app (YNAB / Pocketsmith, etc...)

These are my current wishes. There are many others that can add to this list.

@Geektastic & @DarthKermit - We do science, not because of the immediate pay off, but because of what is possible tomorrow, thanks to today's work.

I'm pretty sure that the banks could do all those things today using existing solutions if they really wanted to.

Not so sure about that. I will caveat my opinions that I have some personal knowledge of this but it's not confidential.

In order to meet the Reserve Bank's requirement for cleared funds (that is, funds once paid to another account cannot be revoked unless there is clear fraud) and intraday clearing (transactions across banks have to be processed within two hours)

See this

https://www.rbnz.govt.nz/financial-stability/financial-stability-report/fsr-november-2016/changes-to-the-settlement-of-retail-payments

some banks had to invest considerably to comply with this.

And this was to support 2-hourly clearing so going real-time across banks would take significantly more investment and a complete change to the way the clearing system works.

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