Big four banks need to meet new open banking requirements by Dec 1

The big four banks – ANZ, ASB, BNZ, and Westpac need to meet new requirements. (Image: NZME)

Thu, 01 May 2025

New Zealanders will be able to benefit from open banking by Christmas after Cabinet agreed to designate banking as the first sector under the Customer and Product Data Act 2025, said Commerce and Consumer Affairs Minister Scott Simpson.“The big four banks – ANZ, ASB, BNZ, and Westpac – will need to make sure their open banking systems meet the new requirements by December 1,” he said.The regulations will apply to Kiwibank in two phases: for payment initiation from June 1 2026, and for customer account information from De...

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