Westpac New Zealand"s CEO, Catherine McGrath, has proposed the implementation of an accreditation system for emerging fintech companies to improve consumer support for open banking.

This initiative aims to facilitate the sharing of financial information between consumers and third parties, potentially simplifying the process of switching lenders for better deals.

The promotion of open banking is expected to encourage competition among traditional banks and attract new players to the financial services sector.

A recent report from the Commerce Commission highlights the potential advantages of open banking in creating a more competitive banking environment in New Zealand.