Regulated open banking gains momentum

Since 1 December 2025, New Zealand's largest banks have been required to enable customers to securely share their data with accredited providers, making it easier for people and businesses to manage their money in faster, easier and more secure ways.

The Act supports the government's vision for an open data economy, where consumers and businesses can safely benefit from innovative products and services enabled by secure data sharing. The banking sector was the first sector designated under the Act, with electricity expected to follow.

New reporting data shows the number of monthly payments made using regulated open banking technologies increased from 294,000 transactions, worth $92 million, in May to more than 408,000 transactions, worth $130 million, in July.

Since the accreditation process opened in December, 14 organisations have been approved to carry the Consumer Data Right Accreditation Trust Mark, with additional organisations expected to be accredited in the coming months.

Alan Carnaby, Director, Smart Data Economy at the Ministry of Business, Innovation and Employment (MBIE), says the figures demonstrate growing confidence in regulated open banking services.

"The Consumer Data Right gives consumers and businesses confidence that their data is being shared securely, while enabling innovative new services to emerge.

"We're also seeing growth in the value of transactions being made through regulated open banking, suggesting businesses are becoming increasingly comfortable using these services for larger and more important financial transactions."

The growth builds on the significant progress already achieved by industry before regulation.

A report by accountancy firm EY found open banking has contributed more than £8.3 billion (NZ$ 18.9 billion) to the United Kingdom economy since its introduction over 8 years ago, demonstrating the potential long-term value of these technologies.

Alongside its other responsibilities under the Customer and Product Data Act, MBIE has oversight of how Consumer Data Right standards are developed and maintained.

Open banking in New Zealand has been built on standards developed by Payments NZ in partnership with banks, fintechs and other industry participants. As the Consumer Data Right framework matures, MBIE will now assume responsibility for maintaining and developing regulated open banking standards.

Payments NZ and MBIE have agreed commercial arrangements that will enable MBIE to build on this existing work, preserving the significant investment already made by industry while providing a long-term foundation for regulated standards development.

"The current regulated open banking standards exist because of the significant investment and collaboration led by Payments NZ and industry participants," says Mr Carnaby.

"Rather than starting again, MBIE is building on that strong foundation. This approach enables us to preserve the value already created, reduces costs for participants under the Consumer Data Right regime and provides a clear pathway for the future development of the standards.

"We will continue to work closely with industry to ensure the standards evolve in ways that promote innovation and competition, and that they help realise the potential that regulated open banking offers to New Zealand's economy,” says Mr Carnaby.

MBIE will use the existing standards as the basis for future updates, while continuing to engage with industry participants on the detailed design, operation and future development of regulated standards.

Mr Carnaby says the move marks an important milestone in New Zealand's Consumer Data Right journey.

"With open electricity expected to be introduced next, and the potential for the Consumer Data Right to be applied in additional sectors over time, it is important that New Zealand has a durable and scalable approach to standards development and governance.

"This positions New Zealand to continue building an open data economy that supports innovation, competition and better outcomes for consumers and businesses," says Mr Carnaby.

The latest data on regulated open banking uptake:

Uptake of Consumer Data Right