The government will extended open banking to open business banking channels, in a move Commerce & Consumer Affairs Minister Scott Simpson says will open the door to a broad range of tools and services.
“It means businesses can share their banking data with trusted providers, unlocking faster loan comparisons, automated accounting and smarter cashflow tools to boost competition and productivity,” Simpson said.
“This is about making life easier for businesses. It means fintechs can develop new tools for businesses which can mean less time on paperwork and admin, and more time focusing on customers and growth,” he says.
“Simple things like automated accounting tools and streamlined payment systems can save businesses hours every day.”
Open banking for customers went live in December.
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