Open banking privacy statement

Find out how your information is used, collected, shared, and kept safe with open banking. 

Summary of open banking

We have introduced secure technology and processes to let you share your information with your trusted chosen service providers. This supports them (and sometimes us) to provide new ways to manage your money. 

We only connect with service providers we have agreements with, requiring them to meet security and other obligations. These connections are developed to international best practice standards and use bank grade security.

 When using open banking, you can authorise us to work with your chosen service providers and let them, for example:

  • use your BNZ account information to offer you services you want (for example, allowing you to manage multiple bank accounts and financial products in one place)
  • initiate payments on your behalf (for example, allowing you to make payments direct from your account without needing to set up a direct debit or enter card details).

You can also ask us to set up regular transactions that you don’t need to approve each time, as long as they’re within boundaries you set. For example, you could send transaction information from selected accounts each day to a money manager, or make a payment once a month to your power company as long as it’s below a dollar amount you set. This is sometimes called an “enduring consent”.

For more information about how we collect, use and share your personal information, you can read our Master privacy policy.

Information we share

We only share information that you authorise us to. During a secure session we have with you, you will authorise that you want us to share your account information with, or make a payment through, an application or service provided by your chosen service provider. 

As part of the secure session, we will summarise on a screen your instructions, for you to authorise. This screen tells you the name of the service provider requesting access to your information, and the details of the information they’ll be getting or the payment they’ll be helping you to make.

Using your information

How the service provider uses your information will depend on the service provider’s terms and conditions and privacy policy. When you choose to share information with your chosen service provider through open banking channels, it’s their legal responsibility to store and use it safely. At that point, we will not have control over how your information is used, collected, shared and kept safe. You should read the service provider’s terms and conditions and privacy policy and make sure you understand what they’ll do with your information. 

Controlling your information

With open banking, you are always in control. Any information-sharing or payments are always authorised by you before they happen. You can stop sharing your information, cancel any future payments, or check the details of any enduring consents, at any time, through Internet Banking.

Keeping your information safe

If you don’t recognise the service provider, or you’re unsure why they’re requesting access to your information, then you should decline the request or delay the authorisation until you have checked this with the service provider.

Service providers outside New Zealand

While most service providers using open banking will be based in New Zealand, you should be aware that some service providers may be based in – or transfer your information to – other countries. These countries may not have safeguards for personal information that are comparable to those in New Zealand.

Concerns

If you have any concerns about any of your chosen service providers, or about how they’re using your information, we recommend you contact them first. If the service provider isn’t able to resolve your concern to your satisfaction, we may be able to help, so get in touch. 

If you have any concerns about our performance of an action you have authorised us to take, or you think we have acted without your authorisation, please let us know.

If we have any concerns about a service provider, we may notify you and give you the opportunity to stop sharing your information with them.