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Explainer: If you've heard talk of open banking in recent weeks, you might have wondered exactly what it is.
It's been a topic of discussion in the finance sector for years, and is often touted as a way that New Zealanders could get a better deal on their banking.
But how does it really work?
What is open banking anyway?
Basically, open banking means data is shared easily between banks and other financial services providers.
This means transactions can happen more freely and it's easier for customers to use services from different places.
The exchange of information happens via application programming interfaces (APIs).
Payments NZ has been developing API standards with the industry.
At the moment, there are three key standards to be aware of.
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