A third major milestone in open banking for Aotearoa New Zealand
30 May 2025
Payments NZ’s API Centre has marked a new milestone in Aotearoa New Zealand’s open banking journey, with the four largest banks – ANZ, ASB, BNZ and Westpac NZ – due to implement version 2.3 of the Payment Initiation API standard today.
This latest release enables key functions like enduring payment consent and decoupled authentication, making it easier for customers to authorise and manage payments securely via third-party services.
It’s the third major deliverable under the API Centre’s industry-led implementation plan, and arrives just two months after the Customer and Product Data Act 2025 came into effect, laying the foundation for a formal consumer data right regime.
Phil Cass, Manager of the API Centre, says the milestone represents “a major step forward for open banking capability in Aotearoa” and reflects the value of industry collaboration.
With the API Centre’s ecosystem now comprising over 30 Standards Users and 500+ Community Contributors, momentum continues to build. New customer experience guidelines, data handling guidelines, and upcoming performance standards all signal the Centre’s commitment to delivering safe, high-quality API infrastructure at pace.
To read the full article and learn more about what’s next, visit the API Centre website: