What is 'open banking'?

"Each customer will decide which third parties can access their information, and which information they’re comfortable sharing."  

A lot of this is already happening, you probably just don’t realise it is open banking.

ANZ has made significant investment in open banking and the technology gives us the ability to offer new services and products to our customers.

Since 2022, ANZ customers have been able to use Worldline’s Online EFTPOS open banking payment service to pay for things online, straight from their bank account. We call this a Payment Request.

Customers use their mobile number and the ANZ goMoney app at checkout, doing away with the need for a credit or debit card.

More than 120,000 customers have authorised a payment request.

We are looking to add more approved third-party payment services soon.

We’ve also collaborated with Spark NZ to provide customers with a billing feature, called View Bills. Once a customer agrees to use the service their Spark bills are shown in the goMoney app allowing them to see how much is due and when.

The feature also ensures payment details are correct and removes the need for customers to hunt out details like account numbers and references from other apps or emails, which can cause errors.

Keeping our customers’ accounts safe and secure, preventing fraud and other financial crimes, and enhancing customer protection are a top priority for ANZ.

We take our responsibility to protect customer privacy and data seriously.

Third parties must align with our expectation to provide good customer outcomes and have robust customer and data protection protocols in place.

We know many of our customers are hesitant about sharing their data and rightly expect ANZ to protect their personal information. We’ll continue to carefully consider which third parties we offer open banking services to.

As open banking develops it is critical that we continue to balance the launch of new services and seamless customer experiences with the necessary protections that will create and sustain customer trust.

We are committed to continued investment in data security and educating our customers, so they are making informed decisions on how they use and share their data, while also remaining in control.