The big four Australian banks have been given a deadline for establishing open banking standards.
Payments NZ’s API Centre has published a “minimum open banking implementation plan”, giving ANZ, ASB, BNZ, and Westpac until 2024 to prepare.
Open banking refers to the tech-driven revolution in financial services overseas involving non-bank tech companies improving services for consumers.
BusinessDesk managing editor Pattrick Smellie says this 2024 deadline was a 'regulatory stick' for the banks to push forward with open banking.
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