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The New Zealand Customer and Product Data Bill has been granted royal assent and as of March 28 is legal.
The bill sets the foundation for open banking in New Zealand, setting out rules for customer and product data sharing between financial institutions and accredited third parties.
Provisions in the bill include defining data holders, outlining customer rights and obligations, and setting technical requirements for data management.
The bill also introduces consumer protections, including authorisation protocols and dispute resolution mechanisms.
Originally introduced in May 2024, the legislation aims to enhance data access and transparency, empowering consumers with greater control over their financial information.
