Key insights from our open banking accreditation and partnering project

We’re pleased to wrap up our API Centre Accreditation and Partnering Project, which has contributed significantly to shaping the implementation of the Customer and Product Data Act 2025 (CPD) over the past 16 months.

Working closely with representatives from our Standards User community, and with input from the Ministry of Business, Innovation and Employment Hīkina Whakatutuki (MBIE), we delivered insights, recommendations and supporting materials to MBIE and the wider industry on open banking accreditation, onboarding and risk management, including what it could look like in a regulated environment.

We’re sharing the top insights from the project below:

Industry collaboration is highly effective
More than 23 organisations including banks, fintechs and MBIE met 24 times over 16 months to achieve consensus on complex issues like security standards. Our cross-industry working group model, with clear decision-making processes, legal oversight and a regular cadence, proved that industry collaboration on complex technical problems is possible, with the right structure in place.

Bring in industry expertise early
Working closely with MBIE representatives meant we were able to share our knowledge and expertise and adapt as required throughout the process. The security criteria developed by the project group informed CPD regulations – demonstrating that the ability to contribute from the outset results in better, stronger regulatory outcomes.

Shared understanding is key to effective collaboration
Deep discussions on risk, security, liability and fair use created a shared understanding of the problem and created a common language (terminology, frameworks, a risk model) to help reduce friction across the ecosystem. The group also agreed on next steps and acknowledged that future guidance on liability should ideally be developed with MBIE.

Flexibility is key as the environment evolves
Well-managed projects with flexibility built into the processes can adapt their delivery model while protecting the work that has already been done. The working group was able to adapt when the new regulatory framework made the original framework unnecessary, successfully pivoting to delivering valuable resources such as risk models, onboarding processes and fair use policies to the open banking ecosystem.

Diverse perspectives strengthen outcomes
The working group’s inclusive approach by including five API Providers and 18 Third Parties ensured that a wide range of industry viewpoints were considered, leading to more balanced and robust recommendations. Working group members noted significant value in discussing and exploring the range of issues, and acknowledged they were able to deepen industry knowledge, understanding and appreciation of other perspectives.

Looking forward to the future

While the Accreditation and Partnering Project has wrapped up, the insights we’ve gained will continue to shape how the ecosystem approaches future challenges and opportunities.

At the API Centre, we look forward to continued collaboration and coordination as we lead the industry to deliver the most impactful market and customer outcomes through our world class open banking standards.