A New Zealand Open Banking framework is expected to be established by the country's government by 2024. The framework will likely be modeled on Australia’s Consumer Data Right (CDR) standards, which allows consumers to give consent to share their data with other providers.
According to Reuters, New Zealand's Minister of Commerce said in November 2022, "Open banking ensures banks must share customer information if they request it, making it easier for New Zealanders to compare mortgage rates, apply for loans and switch banks."
Cloudentity already has an established footprint in the Australian CDR market with a dedicated SaaS infrastructure. That infrastructure is SOC2 and ISO certification compliant with 99.99% availability, and will also cover the needs of organizations looking for New Zealand Open Banking and other CDR needs. Cloudentity is a specialized and certified Financial Grade API (FAPI) compliant provider that provides a plug-and-play SaaS offering for API security profiles that underpin CDR.
Our system enables organizations to use their existing identity providers and API gateway infrastructure. Organizations in - or doing business with - New Zealand can and simply plug in the Cloudentity authorization platform to handle third party registrations, trust verification, user consent flows, consent management and advanced OAuth authorization flows. Organizations planning today for the upcoming regulations in New Zealand can get ahead of the curve by seeing how we have implemented CDR requirements for Australia, which again, is likely to be very close to New Zealand's eventual rules.