Open banking regulations

What the open banking regulations do

The Customer and Product Data Act 2025 sets out the overarching framework for the Consumer Data Right. You can read more about the policy design of the Act.

Timeline and key documents for the Customer and Product Data Act

The regulations explained on this page set out how the Consumer Data Right applies to the banking sector to deliver regulated open banking. The regulations set out the requirements of what kinds of data banks must enable to be shared via open banking, as well as the types of payments banks must enable to be initiated (the designation regulations); additional requirements on banks and accredited requestors (the general requirements regulations); and the fees and levies that banks and accredited requestors must pay to recover the costs of the system.

The Customer and Product Data (Banking and Other Deposit Taking) Standards 2025 set out the technical, security and operational requirements for regulated open banking in New Zealand.

Read more about the standards:

Consumer Data Right Standard – Open Banking

Banking designation regulations

The Customer and Product Data (Designations for Banking and other Deposit Taking) Regulations 2025 are published on the Legislation website:

Customer and Product Data (Designations for Banking and Other Deposit Taking) Regulations 2025(external link) — New Zealand Legislation

They:

• Designate ASB, ANZ, BNZ and Westpac as ‘data holders’ from 1 December 2025; Kiwibank as a data holder with respect to payments on 1 June 2026 and with respect to account information on 1 December 2026; and allow other deposit-takers to opt-in to being data holders
• Set out that ‘relevant accounts’ include all transaction, savings and loan accounts provided by the data holders that are denominated in New Zealand dollars, and for which customers already have access through an electronic facility (e.g. online or mobile banking)
• Set out that ‘designated data’ with respect to each relevant account includes the customer’s name, contact details, and whether they are a joint or sole customer; and the account’s number, names, currency, type (e.g. transaction versus savings account), balance, transactions, and statements
• Set out that ‘designated actions’ includes the initiation of payments, so long as those payments are made using the bulk electronic clearing system, in New Zealand currency, and only require authorisation of a single customer
• Allow banks to set payment limits on the dollar amount of open banking payments, provided the limit is not less than what the bank sets through online banking
• Set out classes of accreditation status that a data requestor may apply for
• Provide time-limited partial exceptions for ASB, ANZ, BNZ and Westpac.

The regulations currently require data holders to provide regulated data services only for accounts that customers can access for online banking via banks’ main mobile or website digital channels. Data holders also operate additional digital channels, such as those used primarily by business customers. In 2026, the regulations are being amended to set out a pathway for rolling out open banking to accounts that are accessed via these additional channels. From 1 June 2027, data holders will be required to provide open banking for the relevant accounts of all customers, regardless of the digital channel those accounts are accessed by, unless

• The accounts can only be accessed through a channel that is scheduled to be decommissioned by 1 June 2028, or
• The customer is a large entity.

MBIE is currently consulting on draft amendment regulations that give effect to this change. For more information:

Consultation on exposure draft amendment Open Banking regulations relating to business banking digital channels

General requirements regulations

The Customer and Product Data (General Requirements) Regulations 2025 are published on the Legislation website:

Customer and Product Data (General Requirements) Regulations 2025(external link) — New Zealand Legislation

They:

• Require data holders to give access to accredited requestors within 20 working days of the requestor submitting written notice to the data holder and providing the necessary information
• Prohibit data holders from charging accredited requestors for providing open banking
• Require data holders to enable customers to give permission to other individuals to act as ‘secondary users’ who can approve data-sharing and payments from the account
• Set out accreditation criteria for data requestors in addition to those provided for in the Act, covering insurance, dispute resolution, and adequate safeguards
• Set out that accredited requestors must report significant changes to their business to MBIE
• Set out that accredited requestors must notify customers about any active authorisations every 12 months, and inform customers how to revoke authorisations
• Allow MBIE to share relevant information with the Financial Markets Authority and the Registrar of Financial Service Providers, in addition to the organisations set out in the Act.

Fees and levies regulations

The Customer and Product Data (Levies) Regulations 2025 are published on the Legislation website:

Customer and Product Data (Fees) Regulations 2025(external link) — New Zealand Legislation

Customer and Product Data (Levies) Regulations 2025(external link) — New Zealand Legislation

The fees regulations set out the fees that businesses applying to be accredited requestors must pay.

The levies regulations set out the annual levies that designated banks and accredited requestors must pay to contribute to recovery of the remaining system costs.

More information on the fees and levies for regulated open banking:

Fees and levies for Consumer Data Right

Timeline and key documents for the open banking regulations

Pre-2020: Sector-led initiatives

In 2017 and 2019, former Ministers of Commerce and Consumer Affairs wrote to New Zealand’s banks to encourage them to advance sector-led initiatives for open banking.

2020 – 2025: Development of the Customer and Product Data Act

Between 2020 and 2025 the Government developed and passed the Customer and Product Data Act 2025. More information, including key documents, are available:

Timeline and key documents for the Customer and Product Data Act

2024 – 2025: Policy and regulatory design of the open banking regulations

From 29 August to 10 October 2024, MBIE consulted on policy settings for banking regulations under the Customer and Product Data Act.

In April 2025, the Government agreed to the policy settings for the banking designation and general requirements regulations.

Better banking competition one step closer for Kiwis(external link) — Beehive.govt.nz

In August 2025, MBIE released an exposure draft of the banking designation and general requirements regulations for consultation. We received 20 submissions. We also procured advice on the draft regulations from an expert in Māori Data Governance.

Submissions on exposure draft banking designation and general requirements regulations

In September 2025, Government agreed to the policy settings for fees and levies to recover costs of the regulated open banking regime. 

In October 2025, the Government made the four sets of open banking regulations. When making the General Requirements regulations, the Government also agreed that banks would be prohibited from charging for data requests.

In December 2025, the open banking regulations came into force.

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

Open banking regulations in force: Factsheet(external link) — Beehive.govt.nz

2025: Design of the open banking standards

Also in October 2025, MBIE consulted on draft Customer and Product Data (Banking and Other Deposit Takers) Standards. Information on that consultation is available:

Consultation on standards – Customer and Product Data Act 2025

Information on the current standard:

Consumer Data Right Standard – Open Banking

2026: Amendments to the banking designation regulations

In March 2026, Government agreed to a pathway for rolling out open banking to a wider range of customers. 

Open Banking to power business growth(external link) — Beehive.govt.nz

Next phase of regulated open banking: Factsheet [43.7KB](external link) — Beehive.govt.nz

Until 24 April 2026, MBIE is consulting on draft amendment regulations that give effect to this change.

For more information:

Consultation on exposure draft amendment Open Banking regulations relating to business banking digital channels