The bill will help consumers use data to shop around for such things as banking and utilities, Payments NZ says. Photo: 123RF
Payments NZ says the government's Customer and Product Data bill will help give consumers greater choice and control about how their data is used and shared with third parties.
Chief executive Steve Wiggins said the draft bill sets out a fit-for-purpose consumer data right (CDR) to help drive competition and innovation across the whole economy, making it easier for consumers to use their data to shop around for such things as banking and utilities.
"We welcome this exposure draft and are pleased that it states the government intends to build on the standards already created by the Payments NZ API Centre," he said.
"It will be important to get the detail right so it is fit-for-purpose for Aotearoa and ensure benefits to consumers are delivered alongside the appropriate protections."
Wiggins said it was important to get the standard in place as soon as possible, as the four major banks move to standardise consumer data, which was expected to be completed in about 12 months.
"Progress on the CDR legislation is timely and will contribute over time in giving consumers confidence in innovative and safe data sharing products and services."
The government first promised to deliver consumer data right legislation in late 2019. It was expected to help drive innovation in digital financial services and open banking.