Open Banking Standards Conclusion

What open banking in NZ currently covers (as at 8-Jab-2026)

Payments (payment initiation)

Under the Customer and Product Data Act 2025, open banking in New Zealand does enable accredited third parties to initiate payments on behalf of customers — this was the first major use case rolled out, and banks are required to support it.

Sharing account and customer data

Has started being implemented and made generally available by major banks, though the practical experience for end-users and third-party services is still evolving.

Open banking became officially live in NZ on 1 December 2025 following the Customer and Product Data Act 2025 and accompanying regulations taking effect. Major banks are required to support secure sharing of customer account information and payment initiation with accredited third parties. Customers can authorize the sharing of their account information (balances, transactions, account details) with third-party providers who are accredited under the regime. Banks are required to implement secure APIs that accredited data requestors can use to access this data with customer consent.