We’re pleased to announce that our new API Centre due diligence service is now available to all of our API Standards Users. This optional service is part of the API Centre’s suite of partnering initiatives that aims to streamline the process between Third Parties (such as fintechs) and API Providers (banks) looking to enter into bilateral agreements using the API Centre’s standardised APIs.
We view our due diligence service as a near-term benefit for our Standards Users and it could also be used to inform a future accreditation regime under Aotearoa New Zealand’s upcoming Consumer Data Right (CDR) legislation.
This service is another step towards facilitating Standards Users to enter into partnerships more easily so they can bring new innovations to market more simply and quickly.
What is the due diligence service?
The due diligence service helps to reduce the amount of administrative duplication for a Third Party when it needs to supply similar information to multiple API Providers.
There are two parts to this optional service. The first component is a questionnaire which Third Parties can use to capture some of the information that an API Provider may need to enable it to undertake due diligence as part of its Third Party onboarding process.
The second part of the service is where Third Parties then collate, upload and maintain their due diligence documents in their own folder within a secure online platform, which can then be accessed by a registered API Provider if approved by the Third Party they are engaging with.
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As always, if you want to know more and get involved with the work we're doing, get in touch with the team. If you would like to receive API Centre updates directly to your inbox, subscribe to our mailing list.