Regulated Open Banking has gone live in New Zealand as part of a phased rollout, “opening the door” to faster loan approvals, easier bill management, and personalised budgeting insights, according to Commerce and Consumer Affairs Minister Scott Simpson.
Open Banking in the country is supported by a set of regulations established under the Customer and Product Data Act 2025.
Released in October, the regulations require the four major banks – ANZ, ASB, BNZ and Westpac – to have certain Open Banking systems ready by 1 December 2025, while Kiwibank will need to be ready by June 2026 for payments, and by December 2026 for other Open Banking services.
“From budgeting tools to faster mortgage comparisons and low-cost payment options, the opportunities and innovations presented by Open Banking are endless,” Simpson said.
“Open Banking makes it easier to switch banks by giving customers a safe, regulated way to share their financial information.
“It will make mortgage applications faster by allowing third-party services to securely gather the right financial documents in one place, especially helpful for people with accounts across different banks.”
The Minister also pointed to the benefits for small businesses in New Zealand.
“Small businesses will also benefit from more choice in financial management and invoicing tools, helping them get paid faster and access innovative, lower-cost payment solutions,” he said.
The Ministry of Business, Innovation and Employment (MBIE), which is providing regulatory oversight of the regime, is accepting applications from organisations that want to become accredited data requestors. In turn, they will receive an ‘accreditation mark’ from MBIE to show they are trusted and verified.
Simpson said: “The regulations, released in October, align with global best practice and build on successful models in Australia and the UK, where Open Banking has sped up home loan approvals and enabled new consumer-friendly apps.
“Importantly, the regulations ensure that security of consumer data is paramount. Data can only be shared under the customer’s explicit consent, and third-party requestors (such as fintechs) must be accredited by the Ministry of Business, Innovation and Employment.”
Further reading: Westpac NZ becomes first bank to hit key Open Banking milestone