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RegTech Round-up October 24: New Rules, Open Banking Milestones, and Tools to Transform Compliance
It’s nearing the end of a busy year, and whilst RegTech NZ has been in a bit of a hibernation for most of it (very few events) we’ve not been resting on our laurels but rather we have all been busy working hard on our own ventures including our side venture – RegTech Connect.
Industry groups like RegTech NZ can only thrive with engagement from the industry. So if you work in a RegTech and you would like to get involved please reach out to us for a chat. Getting involved can be anything from wanting to put on a webinar with us about a topic you’re an expert in, or even just providing content for this newsletter.
RegTech Connect – DORA
The UK Government is introducing new rules to get ready for DORA. The rules are there to make sure that the UK financial services firms are resilient to any failures in their critical third party infrastructure supply chain.
Will New Zealand firms be affected by DORA? Or will they be able to ignore them until local legislation is one day introduced in New Zealand?
You can read more about these new rules here and how you can get ahead of them right now.
AI-powered compliance and quality assurance
Compliance and quality assurance can be a laborious task, but readers of this newsletter will know that this can be made easier by using RegTech!
Our friends over at Quanton have released a case study showing how AI helped one of their customers audit 100% of call centre calls and reduce compliance & QA time by 50-70%. It’s an interesting read, check it out.
The Tech Enabled Lawyer – Everyday Tech Essentials and AI
Following on from Quanton’s AI use case, AI is also a hot topic in legal. Caroline Ferguson from SHIFT recently attended the Future Firm Forum and has shared an article on how organisations and teams can take a strategic approach to AI, as well as the importance of getting back to basics given not all problems are solved by tech!
Upskill launches on Dacreed
We’re excited to announce that you can now also access UpSkill through Dacreed. Created by The Compliance Company, UpSkill has changed the game in compliance training in New Zealand’s heavily regulated financial services sector by creating the world’s most engaging compliance training and digital guidance. UpSkill is your digital guide. Compliance training and digital guidance that adds real value and equips compliance professionals and businesses with the knowledge and skills needed to navigate complex regulations.
Combining UpSkill’s training and guidance with Dacreed allows your business to manage its obligations and collate and maintain the evidence you need for your AML Audit and the regulator.
Contact Dacreed today to see how you can access UpSkill through Dacreed: https://lnkd.in/gB67xpqk
Open Banking – is it real?
With the November 30 Open Banking milestone approaching for the four major NZ banks (BNZ, ASB, ANZ and Westpac), the API Centre has set delivery milestones for the coming year.
Starting May 30, 2025, Open Banking payments will no longer be limited to one-time payments. With the introduction of enduring payment consents, you’ll be able to secure customer authorization for ongoing or recurring payments. So if you offer subscription services or need to vary payment amounts each time, this is good news for you!
Furthermore, from November 30, 2025, you’ll be able to access additional customer details via Open Banking APIs, including account statements, name and contact details. Using these APIs, you can offer more personalised services, reduce the time taken for financial approvals, and enhance customer experiences by delivering more efficient, real-time solutions.
Ultimately, the updated Open Banking implementation plan represents both a challenge and an opportunity. On the one hand, you’ll need to invest in new technologies and redesign processes to take advantage of these new capabilities. On the other hand, the ability to access real-time customer data and offer recurring payment options will unlock new efficiencies, enhance customer experiences, and foster innovation.
Meanwhile, the Customer and Product Data Bill, which effectively enshrines Open Banking into legislation, is with the select committee. Their recommendation report is due in Jan 2025 so, assuming all goes well, regulations will likely come into effect for NZ in 2026.
It’s all go for Open Banking in Aotearoa!
And finally…
We’ll be taking a break now until February, and by then we should have some exciting updates about some initiatives we’re working on which should get NZ RegTechs and FinTechs some great exposure.
If you want to know more about what we are doing, and get involved connect with us at RegTech NZ or follow our Linkedin page RegTech NZ
