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.
