Open banking arrives, promising faster and safer financial services
New Zealand has taken its first major step into open banking, with new regulations coming into effect on 1 December 2025. The changes mark the beginning of a phased roll-out designed to give consumers more control over their financial data while encouraging greater competition and innovation across the banking sector.
ANZ, ASB, BNZ and Westpac are now required to have open banking systems in place. Other banks and deposit-takers can opt in voluntarily, while Kiwibank will be required to support open banking for payment services from June 2026 and for other services from December 2026.
Open banking allows customers to securely share their banking data with accredited third parties – but only with their explicit consent. The new regime replaces informal data-sharing practices with a regulated system overseen by the Ministry of Business, Innovation & Employment (MBIE), which is responsible for accrediting businesses that want to access customer data.
What open banking means for consumers
Commerce and Consumer Affairs Minister Scott Simpson said open banking would unlock a wide range of benefits for households and businesses.
“From budgeting tools to faster mortgage comparisons and low-cost payment options, the opportunities and innovations presented by open banking are endless,” he said.
Minister Simpson said open banking would make it easier for people to switch banks by providing “a safe, regulated way to share their financial information”.
The mortgage application process is also expected to speed up, “by allowing third-party services to securely gather the right financial documents in one place, especially helpful for people with accounts across different banks,” he said.
Budgeting and bill management could also become simpler. “Instead of trawling through statements, secure open banking tools can highlight spending patterns, help you stay on top of bills and identify ways to reach your savings goals,” he said.
Security and accreditation are central
Mr Simpson said the regulations align with global best practice and build on models already operating in Australia and the UK. Importantly, security sits at the heart of the system.
“Data can only be shared under the customer's explicit consent, and third-party requestors must be accredited by the Ministry of Business, Innovation & Employment,” he said.
Accredited providers will be able to display MBIE’s accreditation mark to show they are trusted and verified.
What this means for borrowers
For borrowers, open banking has the potential to speed up loan approvals and make comparing mortgage options easier, especially for people with multiple bank accounts. Over time, it could also support more personalised lending and financial guidance.
If you’re considering a new mortgage or a refinance, reach out to understand how open banking may streamline the process and support smarter loan decisions.