Consultation on standards – Customer and Product Data Act 2025

About the consultation

The Ministry of Business, Innovation and Employment (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.