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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[-] ms264556@beehaw.org 3 points 5 months ago

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.