[UPDATE] Open banking volumes keep climbing as API Centre's final month begins
Open banking · July 2026 data; API Centre closes 30 Sep 2026
New data shows open banking usage still accelerating ahead of the API Centre's planned closure this month: over 401,000 payments worth more than $130 million were completed in July, more than 221,000 customers authorised a payment or data-sharing consent, and data requests topped 19 million for the first time.
Why it matters — The governance handover to MBIE is a structural risk point precisely when usage is inflecting upward — participants should confirm MBIE's standards-continuity plan covers this growth curve, not just a static rulebook.
Australia's Consumer Data Right reset cuts data retention, extends to non-bank lending
Open banking · Non-bank lending CDR obligations began Jul 2026
Australia's CDR 'reset' has cut mandatory data retention from seven years to two and reduced compliance costs, while extending CDR obligations to non-bank lenders from July 2026, even as overall accredited-data-recipient adoption remains below original expectations.
Why it matters — NZ's own open banking transition to MBIE is smaller-scale than Australia's CDR, but the Australian experience — slow uptake despite regulation, followed by a deliberate compliance-cost reset — is a live case study for what NZ's post-API-Centre standards body should and shouldn't copy.
NZ open banking volumes jump 39% in two months as MBIE takes over standards stewardship
Open banking · Figures released 21 Aug 2026
Monthly regulated open banking payments grew from 294,000 transactions worth $92m in May to more than 408,000 transactions worth $130m in July, under the Customer and Product Data Act 2025. MBIE has now assumed responsibility for maintaining and developing the regulated open banking standards as the Consumer Data Right framework matures.
Why it matters — Real usage growth this fast, this early, is the strongest signal yet that NZ's open banking mandate is translating into actual customer adoption rather than compliance theatre — worth benchmarking product roadmaps against.
Non-bank lenders join Australia's Consumer Data Right as data-retention rules are cut from seven years to two
Open banking · Product-data obligations commenced 13 July 2026
Product-data-sharing obligations under Australia's Consumer Data Right commenced for non-bank lenders on 13 July 2026, the first of five tranches extending open finance beyond the banks; alongside the expansion, the government cut the data-retention period participants must hold and share from seven years to two to reduce compliance costs.
Why it matters — The CDR's staged extension to non-bank lending — alongside a deliberate cost-cutting reset — is the clearest template for how New Zealand's own open banking regime might eventually broaden beyond registered banks.
Kiwibank goes live with open banking for business customers, waives fintech fees
Open banking · Live from 28 May 2026
Kiwibank became the first New Zealand bank to roll out open banking to business customers as well as personal ones, going live with payment-initiation APIs and three fintech partners, and locking in permanent zero fees for accredited third parties accessing its systems.
Why it matters — Kiwibank’s fee-free stance sets a competitive bar the big four will be measured against as they complete their own build-out toward the December 2026 full account-data deadline.
US CFPB signals open banking rewrite will let banks charge fintechs for data access
Open banking · Testimony 15 July 2026
US CFPB acting director Russell Vought told Congress the bureau is close to publishing a replacement for its Section 1033 open banking rule that would, unlike the shelved Biden-era version, allow banks to charge fintechs and data aggregators for API access once a free-request threshold is exhausted, with fees capped at cost-recovery for maintaining the access infrastructure.
Why it matters — This reframes the global 'who pays for open banking' debate away from an assumption of free mandated data-sharing toward a cost-recovery model — a precedent Payments NZ's API Centre and MBIE will weigh as they settle reciprocity and access-fee questions for New Zealand's own regime.
NZ Inland Revenue engages Akahu to build open banking business case for tax payments
Open banking · July 2026
Inland Revenue has appointed open finance intermediary Akahu to provide open banking business case support, following an RFP for bank account validation and payment services. Phase one targets validating taxpayer bank accounts to cut misdirected payments, with request-to-pay and payment capability to follow.
Why it matters — A large government agency formally moving toward open banking-based payment initiation would be a significant new use case and volume driver for NZ's nascent regime, adding pressure on banks' API Centre compliance timelines beyond retail use cases.
Kiwibank's open banking payment-initiation APIs go live, account data access to follow in December
Open banking · Payment initiation live Jun 2026; full account data access due Dec 2026
Kiwibank has switched on regulated open banking payment-initiation APIs, following the four largest banks (ANZ, ASB, BNZ, Westpac) which went live on 1 December 2025; Kiwibank's full customer account data access is due by December 2026.
Why it matters — With all five major banks now in or entering the regime, third-party providers gain near-complete market coverage for account-to-account initiation, accelerating fintech propositions built on the API Centre standards.
Regulated open banking live; Kiwibank payment APIs go live in June
Open banking · Live since 1 Dec 2025
Under the Customer and Product Data Act, ANZ, ASB, BNZ and Westpac are designated on v2.3.3 standards; Kiwibank's payment services follow in June 2026 and other services in December, with third-party aggregators scaling accredited access.
Why it matters — The designated banks (ANZ, ASB, BNZ, Westpac) carry API availability and performance as operational KPIs; payment initiation also unlocks faster lending decisions and smoother account opening.