Open banking making life easier for advisers and lenders

New Zealand’s regulated open banking system became operational on December 1 and the first group of organisations were accredited to use the system 18 days later.

One of the first to be accredited was Akahu New Zealand's leading open banking intermediary, providing data connectivity to a broad range of government, corporate, and fintech organisations.

It uses the regulated open banking system to generate "open banking statements" for loan applications and has early adopter customers including, Simplicity, Indi and Squirrel.

Akahu’s system enables the borrower to link their bank accounts so that the lender can fetch relevant data and automatically process that data, making the application process faster and easier.