As of December 1, 2025, regulations aimed at supporting the launch of Open Banking in New Zealand have come into effect. This marks the first step in a planned rollout.
Financial Institutions Comply with New Requirements
Financial institutions such as ANZ, ASB, BNZ, and Westpac are now required to have Open Banking systems operational from the announcement date.
Benefits for Kiwi Customers
With these new regulations in place, New Zealand aims to foster innovation and competition within the banking sector by providing customers with more secure and customer-focused services. These benefits include access to budgeting tools, efficient mortgage comparison services, and a wider range of payment methods.
Secure Data Sharing and Accreditation
Open Banking offers individuals a safe and regulated method to share their data for new solution capabilities without exposing their banking details to unregulated entities. These services are only accessible after customers explicitly grant authorization, and businesses must receive accreditation from the Ministry of Business, Innovation, and Employment (MBIE) to access this data.
Currently, MBIE is accepting applications for organizations looking to become accredited data requestors, with successful applicants being granted the regulator’s trust mark for accreditation.
Licensing and Implementation
In collaboration with Payments NZ, a key supporter of Open Banking adoption, MBIE has entered into a standards licensing agreement. This aims to ensure that the industry can integrate the version 2.3.3 API standards for data, payments, and security from the Payments NZ API Centre.
Under these regulations, financial institutions must comply with specific appointments under the Customer and Product Data Act 2025. By December 1, 2025, ANZ, ASB, BNZ, and Westpac are required to have Open Banking systems operational. Kiwibank is expected to have payment services ready by June 2026, with other services coming online in December 2026.
Scott Simpson, the Commerce and Consumer Affairs Minister, expressed his thoughts on these regulations, emphasizing that Open Banking simplifies customer switching processes while fostering innovation and competition within the banking sector. He highlighted how this will benefit fintech companies and smaller players in delivering services that traditionally larger banks have been slower to implement.
