Open banking regulations now in force

Regulations to support the uptake of open banking in New Zealand are in effect from today. This is the first step in a phased roll-out of regulated open banking in New Zealand.

The regulations aim to support innovation and enhance competition in the banking sector by creating opportunities for secure customer-centric services. These new services could include budgeting tools, tools for fast mortgage comparisons, and new payment methods.

The new open banking regulations provide a reliable and secure way for customers to share data to access the benefits of new services without needing to provide banking details to unregulated organisations.

The regulations require that data can only be shared with the customer's explicit authorisation, and all businesses must be accredited by the Ministry of Business, Innovation and Employment (MBIE) to access this information.

MBIE is now accepting applications from organisations wanting to become accredited data requestors. Accredited data requestors will be identified with MBIE’s ‘trust mark for accreditation’.

Standards licensing agreement

MBIE has entered into a standards licensing agreement with Payments NZ, an industry leader in open banking adoption. This agreement ensures continuity for the industry by allowing MBIE to incorporate into regulation the Payments NZ API Centre’s version 2.3.3 API standards for data, payments and API security.

Implementation timeline

The regulations set out which banks are designated under the Customer and Product Data Act 2025, and how open banking will be phased in.

The banks required to have open banking systems ready from today are:

• ANZ
• ASB
• BNZ
• Westpac.

Kiwibank is required to have open banking systems ready from June 2026 for payment services, and from December 2026 for other open banking services.

All other banks and deposit-takers are able to opt-in voluntarily from today.

Further information

Read the Government’s announcement.

Open Banking goes live for Kiwi customers(external link) — Beehive.govt.nz

Apply to become an accredited data requestor.

Customer and Product Data Act