Data Security & Bank Policies
Here at SortMe, we take the security of your data seriously and adhere to strict protocols to ensure its protection. For more information on how SortMe prioritises security, please visit our Data Security overview page.
Bank Terms and Conditions and Policies Regarding Third-Parties
In the realm of digital finance, concerns about third-party applications often arise due to bank terms and conditions. Read below to learn what you need to know about this aspect of security.
What does these terms and conditions actually mean?
Banks typically include clauses in their terms and conditions that caution against linking accounts to third-party software. This is because they aim to distance themselves from any potential issues that may arise between users and these external applications. Even if there is no actual risk. The banks also want to keep you in their ecosystem and are not incentivised to allow you to use your data outside the systems they control.
The banks' stance doesn't necessarily mean that using third-party apps like SortMe is unsafe or against the law. Instead, it reflects their desire to protect their own interests and limit liability.
What does this mean for you?
You should be in control of your data. Every integration with a third party is a vote towards a more inclusive ecosystem. The banks will not change until you, their customers, along with the government, tell them to. So let's support a more inclusive and connected ecosystem.
Open Banking has changed this!
Open banking in New Zealand has really shaken up how banks play with third parties. Thanks to the API Centre set up by Payments NZ, the big players—ANZ, ASB, BNZ, Westpac, and Kiwibank—have rolled out shared API standards for account info and payments, so fintechs no longer have to rely on clunky screen-scraping. The Customer and Product Data Act 2025 then locked in a consumer data right, meaning banks have to share your data safely with approved fintechs once you give the nod.
Today's policies lean into proper partnerships, clear consent, and tidy liability rules—banks are becoming collaborators, not gatekeepers.