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 5 months ago by Dave@lemmy.nz to c/newzealand@lemmy.nz
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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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[–] Dave@lemmy.nz 3 points 5 months ago (1 children)

From my understanding, the answer is yes, on an opt in basis. Any organisation (that signs up and follows the rules) can request access and you need to approve a prompt.

However, the 30 May date is just for payments. Account sharing comes later and depends on the bank.

However, if you're worried about moving into a world where this is required... You're probably right to be worried.

It's not exactly opt in if it's "share your data or we won't give you insurance".

[–] makingStuffForFun@lemmy.ml 4 points 5 months ago (1 children)

It is going to be share your data or no insurance.

Damn, these are dark times, just around the corner.

This will crush people. We think Americans have it rough. Just wait.

[–] ms264556@beehaw.org 2 points 5 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 5 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 5 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.

Insurance bot: Oh look... makingStuffForFun is buying more sugary items this month. And alcohol. Up their insurance.