📄️ Payment Initiation
New Zealand's open banking payments (the first regulated stage under the Consumer Data Right from December 2025) allow customers to securely authorise a third party to initiate direct bank-to-bank payments (one-off or recurring) from their account. This uses standardised APIs developed by Payments NZ API Centre, providing benefits like lower fees than cards, real-time confirmation, balance checks to avoid overdrafts, and easy reconciliation.
📄️ Data-in and Data-Out
In New Zealand's regulated open banking framework (enabled via the Consumer Data Right under the Customer and Product Data Act 2025, effective from 1 December 2025), "data-in" and "data-out" refer to the directional flow of financial data through intermediaries. This is distinct from direct bank-to-third-party sharing.