Consumer Data Right Standard – Open Banking

What the standards do

The open banking standards establish clear rules for how banks and accredited requestors must share customer and product data securely and efficiently. They enable customers to authorise their bank to share data with trusted service providers, such as fintechs, and to initiate payments on their behalf.

These standards give New Zealanders greater control over their financial information, making it easier to access innovative products and services like budgeting tools, payment apps, and digital financial advice. By setting robust requirements for privacy, security, and interoperability, the regime builds trust in data sharing, promotes competition, and supports a more dynamic and inclusive financial sector.

The standards incorporate NZ Banking Data API Specification v2.3.3, as well as the related security profile and operational standards, with targeted modifications to ensure consistency with the Customer and Product Data Act.

Key features of the open banking standard

• Technical and security requirements: Minimum requirements for data sharing and payment initiation, system reliability, identity verification, and customer authorisation.
• Alignment with industry standards: Incorporates NZ Banking Data API Specification v2.3.3, NZ Banking Data Security Profile, Account Information API, Payment Initiation API and the Customer Standard.
• Accreditation and compliance: Accredited requestors and data holders must comply with the standard as a condition of participation. MBIE will monitor and enforce compliance.

Consultation and stakeholder engagement

The standards reflect feedback from banks, fintechs, and other industry stakeholders. 

A summary of submissions will be published as soon as practicable. This summary will outline key themes, issues raised, and how stakeholder input has been considered in the final standards.

Timeline for the open banking standards

• April 2025: Cabinet agreed to designate the banking sector and set policy settings for open banking under the Customer and Product Data Act.
• October 2025: MBIE consulted on draft standards. Feedback was incorporated into the final version.
• November 2025: Final standards published.
• 1 December 2025: Standards come into force. Accredited Data Requestor applications open.

Accessing standards and supporting material

Read the standards:

Supporting links

• Customer and Product Data Act 2025(external link) — New Zealand Legislation
• Payments NZ API Standards(external link) — Payments NZ 
• Payments NZ Customer Standard(external link) — Payments NZ 
• Disclaimer on the Payments NZ Standards(external link) — Payments NZ