What will it take for NZ banks & other financial institutions to open their payments systems & give us access to our data? Specifically, I am referring to something similar to PSD2 (see below) in use in the EU.
- Some international banks are providing API's to allow immediate transfers of funds across institutions, for budget & investment apps to give you a view of your financial assets
- As per the "Internet banking security" thread, it feels like the 2FA technology & passwords seem antiquated & insufficient at times
- If POLi is such a "bad thing", why not enable us to be more secure & faster / efficient by using APIs? Just so that they can deny liability because I want a more efficient & cheaper mode of paying?
- I have to download CSV / OFX files to import into my budget app instead of it being seamless, automatic & near real time
- Transfers between banks still take overnight & international transfer take 5 "business days". It's digital bits! Even with balances & checks & verifications the recipient could have the funds in less than an hour.
- Payday & personal loan companies that charge 15%-25% interest only give quarterly or bi-annual statements! The consumer needs to be more aware of their financial position.
Wikipedia: The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD directive's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments safer and more secure and protecting consumers.
So why can't POLi just get vetted and certified for use with the banks? And until that point, the banks block it.
Because you are dead right, paying a surcharge just for the "privilege" of using a credit card is bollocks.
Either that, or the banks/card companies pull their heads our of their asses in term of their transaction fees.
@michaelmurfy: Since they're using man in the middle to login to customers internet banking this won't be possible either. Also nearly impossible to block since they go via a well known cloud computing company that customers also use and attempt to emulate an actual customer.
But also, this is way off topic now. Back on topic folks!
🙄 GZ doesn't seem to have a financial forum, so I'm posting this here in "Off topic". 🤔 Another sign that we don't talk about money as openly as we should.