Open Banking in New Zealand

New Zealand's open banking framework went live on 1 December 2025, marking a significant shift from the country's earlier market-driven approach to a fully regulated model under the Customer and Product Data Act 2025. The Act received Royal Assent in March 2025 and establishes a Consumer Data Right for New Zealand, closely modelled on Australia's CDR.

The four largest banks — ASB, ANZ, BNZ, and Westpac — were designated as 'data holders' from 1 December 2025, required to share customer data with accredited third parties upon customer consent. Designated data includes customer names, contact details, account numbers and types, balances, up to two years of transaction history, and statements. Designated actions include the initiation of payments. Banks are prohibited from charging fees for these data transfers.

Kiwibank has been designated as a data holder for payments from 1 June 2026 and for account information from 1 December 2026. Other deposit-takers may opt in to becoming data holders. MBIE oversees sector designation and accreditation of data recipients, while the Office of the Privacy Commissioner regulates breaches involving personal information.

The technical standards, published in November 2025, incorporate Payments NZ's v2.3 API standards and set out security, operational, and data requirements for all participants. New Zealand's framework benefits from lessons learned from Australia's CDR and the UK's open banking journey, with a phased approach that starts with banking and may extend to other sectors.

New Zealand's concentrated banking sector — dominated by Australian-owned institutions — and high internet penetration (95%) provide a strong foundation for rapid adoption. The government expects open banking to drive innovation in personal financial management, payments, lending, and accounting services for both consumers and small businesses.