Consultation on standards – Customer and Product Data Act 2025

As part of this consultation, MBIE is proposing to incorporate external material by reference into the draft Customer and Product Data Standards 2025, in line with clause 1 of Schedule 2 of the Legislation Act 2019.

You can find more information, including links to the referenced standards at Material incorporated by reference.

We welcome feedback on both the draft standards and the proposal to incorporate these external materials by reference.

About the consultation

MBIE is consulting with stakeholders on draft standards covering API structure, identity verification, authorisation, system reliability, and auditability.

These standards are aligned with Payments NZ API specifications and are designed to ensure data is shared safely, efficiently, and in a way that empowers both consumers and businesses.

The aim of this consultation is to ensure the final standards are robust, fair, and workable for all parties. We want to hear from individuals, businesses, service providers, and any other interested parties on these proposed standards.

Soon, we will also be able to share Cabinet’s decisions on open banking regulations, fees and levies.

What we are proposing and seeking feedback on

We are seeking your views on the draft standards, which set out:

• Minimum technical, performance, and activity requirements for data sharing.
• Requirements for accredited requestor and data holder systems.
• Processes for customer authorisation and identity verification.
• Roles and responsibilities of data holders and accredited requestors.
• Alignment with Payments NZ API specifications and areas where additional provisions are proposed.

To ensure continuity, MBIE has based the draft standards on Payments NZ API Standard v2.3.3, incorporating its structure, security protocols, and consent processes.

Your feedback will help ensure the standards are practical, future-proof, and support innovation and competition in the banking sector and beyond.

Material incorporated by reference

As part of these draft standards, MBIE proposes to incorporate by reference several Payments NZ API standards:

• NZ Banking Data API Specifications v2.3.3(external link)
• Operational Standards(external link)

These standards are being incorporated to ensure technical alignment with industry best practice and to support secure, interoperable data sharing under the Customer and Product Data Act 2025.

All referenced standards are available online at the Confluence platform links above.

What happens after you make your submission

Once submissions close, all feedback will be analysed to inform the final standards. MBIE will consider all submissions before making recommendations to the Minister of Commerce and Consumer Affairs. Final standards will be published on the MBIE website, and you will be notified of any significant changes before they take effect.

The standards are expected to come into force by 1 December 2025.

Release of information

A summary of submissions will be published on this website. Individual submissions may also be published unless you clearly state otherwise in your submission. If your submission contains confidential information, or information you do not want published, indicate this clearly in your submission or cover email.

Submissions may be requested under the Official Information Act 1982 (OIA). If you object to the release of any information, specify which parts should be withheld and the reasons why. MBIE will consult with you if such a request is received and will take your views into account.

The Privacy Act 2020 applies to all submissions. Any personal information you supply will only be used for the purpose of developing policy advice for this review. Indicate if you do not wish for your name or other personal information to be included in any published summary.