New Zealand’s largest banks meet account information standard deadline

Aotearoa New Zealand’s four largest banks have met the Payments NZ API Centre’s 30 November deadline to implement the Account Information v2.1 standard.

ANZ, ASB, BNZ and Westpac NZ have confirmed that they are ready to partner using the standard, which was developed by the API Centre in collaboration with the industry.

The standard allows customers to share specific information related to their bank account with registered third parties which, in turn, can use this to offer services such as budgeting apps and streamlined loan applications.

Payments NZ’s API Centre cited fintech Qippay as an example, given that it has a contract in place with a bank using its standardised Account Information API.

It also confirmed that a further 17 third parties are registered with the API Centre and will, therefore, be able to approach all four implementing banks to begin partnering discussions, now the 30 November deadline has passed.

Payments NZ chief strategy and innovation officer Jane-Renee Retimana said: “We now have the four large banks ready to partner with registered fintechs and third parties using our account information API standard.

“This opens the door to even more innovative Open Banking-enabled services for consumers and businesses.

“Being able to securely share the information they want with trusted third parties is going to directly benefit consumers, with things like digital budgeting and personal financial management tools, easier loan applications, savings advice and more.”

At a recent Open Banking showcase, among the companies to feature their technology were Aotearoa fintech Volley, which uses an account information API to verify the identity of people being paid through the service, and Australian fintech WeMoney, which offers personal finance management and budgeting services.

The API Centre published its minimum Open Banking implementation plan in May 2023, and updated it in October this year.

The plan sets out deadlines for the country’s largest banks to be technically and operationally ready to partner using the API Centre’s Open Banking standards, under which ANZ, ASB, BNZ and Westpac NZ implemented the Payment Initiation v2.1 standard earlier this year.

Phil Cass, API Centre manager, added: “We’re continuing our partnering project to make it easier for banks and fintechs to agree terms and start delivering services based on these Open Banking standards.

“We’ve also set new milestones for implementing newer versions of our standards in 2025, which will open up further opportunities for banks to work with fintechs and offer innovative products and services to consumers.”

The four banks are expected to implement Payment Initiation v2.3 at the end of May 2025 and Account Information v2.3 at the end of November.

Under the plan, Kiwibank has an implementation timeline to be live with the Payment Initiation and Account Information v2.3 standards in May and November 2026.

In August this year, the Commerce Commission published a report in which it recommended accelerating progress on Open Banking to stimulate competition and innovation in New Zealand’s personal banking sector, after a market study found evidence of a “two-tier oligopoly”.

Further reading: BNZ implements Open Banking standards ahead of deadline