MBIE pushes ANZ to raise open banking payment limits after fintech pressure
The sector regulator is pressing ANZ to lift per-payment limits for open banking transactions following complaints from frustrated fintechs.
Payment limits under open banking have been restricting the sector's expansion, and the Ministry of Business, Innovation and Employment is now directly addressing the issue with ANZ and the broader industry. The matter came to light during a testy conference call between the regulator and multiple fintechs frustrated by the constraints. MBIE is pushing for the limits to be raised to more realistic levels.
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Feisty fintechs drive ANZ review of open banking payment limits
A major handbrake to open banking’s expansion is about to be relaxed as the sector regulator pushes ANZ to lift per-payment limits to realistic levels for the new transacting type. The Ministry of Business, Innovation and Employment (MBIE) is now…