The Commerce Commission has received an application from Payments NZ Limited seeking authorisation to work with API providers and third parties to develop arrangements that, according to Payments NZ, will facilitate a more well-utilised, secure and innovative open banking framework. The proposed partnering framework involves the joint development of (i) an accreditation scheme (including accreditation criteria) for Third Parties, and (ii) default standard terms and conditions on which API Providers would contract with Third Parties who meet the accreditation criteria.
PartiesPayments NZ Limited
Category
Anti-competitive agreement authorisation
Sub-category
Act/Section
Commerce Act s 58
Industry
Financial and insurance services
StatusOpen
Outcome
Case decision number
Date opened16 January 2024
10 Jul 2024
Decision due
28 Feb 2024
COMPLETED
Submissions on Statement of Preliminary Issues published