Open banking progress: What today’s announcement means for our industry
1 May 2025
Today marks a major step forward for open banking in Aotearoa New Zealand.
Minister Scott Simpson today confirmed that banking will be the first sector designated under the Customer and Product Data Act 2025. It’s a milestone we’ve been anticipating – and one that signals growing momentum toward a more open, innovative and competitive financial ecosystem.
From 1 December this year, ANZ, ASB, BNZ and Westpac will be subject to open banking regulations under the Act. Kiwibank will follow in two phases, starting with payment initiation in June 2026 and full customer account data access by December 2026.
At Payments NZ, we welcome this announcement. It reflects the work already happening across the industry and aligns closely with the open banking implementation plan led by our API Centre. In fact, the regulation timelines mirror deadlines we’ve already set for the five major banks to implement updated versions of our open banking standards.
This alignment is no accident – it’s a direct result of years of collaborative effort between banks, fintechs, and the broader digital ecosystem. The addition of action initiation and data portability to the regulatory framework now gives us even more confidence that open banking is becoming real, practical, and valuable for everyday New Zealanders.
As Chief Executive of Payments NZ, I see this as a defining moment. It’s a clear signal that our work in this space is paying off – and that the future of an open data enabled economy is within reach.
Phil Cass, our API Centre Manager, summed it up well this morning:
“The dates announced by the Minister give us welcome certainty. We’re ready to keep building on what’s already in place and to make sure the implementation journey is smooth, secure, and future-ready.”
Looking ahead, we’ll continue to work closely with industry partners, and regulators to support the rollout of these new requirements. That includes evolving our standards where needed, helping accredited requestors integrate with banks, and guiding the wider ecosystem through this next stage of development.
We share the Minister’s excitement. The potential of open banking is huge – and the benefits for consumers, fintechs, and our economy are just beginning to take shape.
Let’s keep the momentum going.