Customer and Product Data Bill – Open Banking Designation Regulations and Standards

Submission by Digital Identity NZ to the Ministry of Business, Innovation and Employment.

Digital Identity New Zealand (DINZ) thanks the Ministry of Business, Innovation and Employment (MBIE) for the opportunity to provide a submission on the open banking standards and regulation. 

We continue to support the overall intention of the proposed legislation and designation rules: to support customers realising the value of their customer data to promote competition and innovation for the long-term benefit of customers; and to facilitate secure and efficient data services. 

Nonetheless there are areas where our members offer precautionary notes and specific concerns where the designation rules could be improved to achieve the intended outcomes.