In the future, open banking could allow people to use one mobile phone app to see all their banking, insurance and KiwiSaver data in one place.
But before that happens banks have to agree on how to share that data in a secure way through interfaces known at APIs or Application Programming Interfaces.
Payments NZ has been running a pilot with three banks – ASB, BNZ and Westpac, as well as Paymark, Datacom and TradeMe to develop two standardised APIs which involve payment initiation and account information.
Steve Wiggins, chief executive of Payments NZ, said the trial had now finished and the APIs were now market ready.
Read More.. Source NZHerald