API Centre
The API Centre supports open banking in Aotearoa New Zealand by developing and managing industry API standards. It brings together banks, fintechs, developers, and other participants to enable data sharing and payments.
By providing a common set of standards, the API Centre helps organisations work together more efficiently, creating a consistent and trusted open banking experience for customers while supporting innovation across New Zealand's payments ecosystem.
The benefits
Open banking enables secure connections between banks and trusted third parties, allowing customers to access new products and services that make managing money easier. By creating a secure and standardised way for organisations to connect, open banking increases choice and encourages innovation across the financial sector.
With customer consent, account information can be shared securely to support more personalised products and services. Payments can also be initiated directly from a bank account using familiar payment methods. The use of common standards helps create a more consistent and trusted experience for customers, regardless of which participating organisation they choose.
To support this, the API Centre manages industry standards for payments, account information, and event notifications.
Things to keep in mind
When using open banking services, always grant access through your bank’s secure authorisation process. Never share your online banking username, password, or security codes with another organisation.
Be cautious of services that ask for your banking credentials directly, rather than redirecting you to your bank for authorisation. Before sharing information or approving access, take a moment to verify that you are dealing with a trusted organisation and clearly understand what access you are providing and why.
Open banking is designed to give customers greater control over their data and payments, but it is still important to stay vigilant online.
Security
Open banking uses industry-standard security and identity protocols designed specifically for financial services.
All data sharing and payment initiation require customer consent and are authorised directly through the customer’s bank. Sensitive banking credentials are not shared with third-party providers.
This approach helps protect customers while enabling secure and convenient access to innovative financial services.