Hon Scott Simpson
Minister of Commerce and Consumer Affairs
Hon Chris Penk
Minister for Small Business and Manufacturing

Open Banking will be extended to business banking channels, opening the door to a broad range of tools and services for businesses, Commerce and Consumer Affairs Minister Scott Simpson and Small Business and Manufacturing Minister Chris Penk say.

It means businesses can share their banking data with trusted providers, unlocking faster loan comparisons, automated accounting, and smarter cashflow tools to boost competition and productivity.

“This is about making life easier for businesses. It means fintechs can develop new tools for businesses which can mean less time on paperwork and admin, and more time focusing on customers and growth,” Mr Simpson says.

“Simple things like automated accounting tools and streamlined payment systems can save businesses hours every day.”

In the United Kingdom, businesses using Open Banking tools saved around 150 hours a year on basic tasks.

“That’s nearly a month of time gained, and that’s time that can be spent growing the business, supporting staff, or serving customers.”

“Since regulated open banking launched in December 2025, major banks have rolled out services to customer banking channels, with fintechs already delivering innovative new tools to New Zealanders.”

Cabinet has confirmed that banks will not be required to enable regulated Open Banking for large corporates and institutions. International examples show limited demand, and use case for Open Banking among larger entities.

Minister Penk says Open Banking is particularly valuable for small businesses because it tackles several of their biggest constraints at once.

“Small businesses can struggle to secure loans because they lack long credit histories or substantial collateral, but Open Banking products allow lenders a clearer picture of how a business is actually performing.

“Cash flow is also one of the biggest pain points, which fintechs can use Open Banking to address by bringing accounts from different banks into one place, helping owners track money in and out in real time so they can avoid shortfalls and make better spending decisions.

“For smaller operators with fewer staff, manual reconciliation, invoicing, and financial tracking take up valuable time. Services harnessing Open Banking can automate these tasks, reduce paperwork and errors, and free up capacity to focus on running the business,” Mr Penk says.

“Open Banking will boost competition, improve productivity, and give businesses better choices. This next step means more businesses will start to see those benefits in their day-to-day operations.”

“Easy access to Open Banking tools and their wide range of benefits is all about boosting productivity and reducing the burden on small businesses. It’s a key priority for this Government,” Mr Simpson says.

Notes:

• The Government will consult publicly on draft regulations, and make minor adjustments as needed.
• From June 2027, most major banks will extend regulated Open Banking to business banking channels, such as mobile apps and websites that businesses use for online banking, giving business owners access to a wider range of tools and services.
• Regulated Open Banking officially began on 1 December 2025. This was the first step in a phased roll-out of innovative, secure open banking in New Zealand.
• MBIE is accepting applications from organisations wanting to become accredited data requestors.
• From 1 December 2025, ANZ, ASB, BNZ, and Westpac were required to have specified existing banking channels ready by today, 1 December 2025. Kiwibank will need to be ready by June 2026 for payments, and December 2026 for other Open Banking services.
• The Ministry of Business, Innovation and Employment is providing regulatory oversight of this regime, including the accreditation process.
• More information is available on MBIE’s website.

Next phase of regulated open banking: Factsheet

The Government has set a pathway for regulated open banking to be available to all small and medium-sized customers of the major banks.

Since regulated open banking went live in December 2025, ANZ, ASB, BNZ and Westpac have been required to provide regulated open banking for accounts on their main online banking mobile app or website channels. These channels are used predominantly by individuals, households and some SME customers. They are ANZ goMoney, ASB Mobile Banking, BNZ Internet Banking – Personal, and Westpac One. Which channel each bank had to enable is specified in the regulations.

In addition to those mentioned above, these banks operate other digital channels, some of which are designed specifically for businesses. As they are outside designation currently, these channels are not providing regulated open banking. As a result, customers using these channels are not able to access regulated open banking at the moment. When the regulations were created last year, the Government noted that it would work with industry to develop a policy position on the timing and scope for including the remaining digital channels in the regime.

The Government has now agreed that from 1 June 2027, ANZ, ASB, BNZ, Westpac and Kiwibank will be required to provide open banking to all their SME customers, regardless of which mobile app or website channel they use for online banking.

From this date, all small business owners will be able to access the range of open banking services that are available. These tools provide faster, cheaper and more secure ways to manage finances. These tools and services can help automate accounting, for example, or make payments more efficient.

The 1 June 2027 date ensures banks have a clear and achievable timeline to develop open banking functionality for accounts that are accessed on these channels.

Large corporations and institutions

The Government has also confirmed that banks will not be required to provide regulated open banking technology to large corporations and institutions at this stage. These customers tend to have complex needs which are met through bespoke banking systems, and international experience shows limited demand for regulated open banking in this segment. The Government will continue to monitor emerging demand and may revisit this position if needed. This ensures development effort can focus on customer segments where regulated open banking delivers the greatest immediate benefit.

Decommissioned channels

Banks will not be required to build regulated open banking functionality for digital channels that are already scheduled for decommissioning in the next two years. This ensures investment is focused where it delivers the greatest long-term benefit.

Public consultation on draft regulations starting soon

The Government will consult publicly on draft amendment regulations shortly, which will amend the Customer and Product Data (Designations for Banking and Other Deposit Taking) Regulations 2025 to give effect to these decisions. The draft amendment regulations will be published on https://www.mbie.govt.nz/have-your-say. Interested parties can contact consumerdataright@mbie.govt.nz to ensure they will be notified when consultation begins.

After the consultation, Government may make minor adjustments as needed to the regulations to ensure they deliver the intended outcomes. Any final amendments will continue to support secure, consent-based data sharing under the Consumer Data Right.

Authorisation, access and implementation matters

This decision does not set or change existing rules about who can authorise data sharing on behalf of business customers. MBIE is aware of differing views among participants about how authorisation should apply where staff are currently approved to view account information, and is working through its standard guidance development process to clarify how authorisation should operate in these cases, informed by participant input and existing standards.

MBIE is also aware that some banks currently require customers to use the bank’s mobile app on a smartphone to authorise open banking activity. This decision does not set or change existing rules about the systems banks use to seek customers’ authorisation. MBIE will work with participants to assess whether smartphone-only approaches create access or compliance issues in practice, and will develop guidance or further requirements where necessary.

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