NZ's first full open banking rollout could reshape how brokers verify client finances
Kiwibank has become the first bank in New Zealand to roll out open banking across every customer type — personal and business — and through all its digital channels, in a move the state-owned bank says will deliver more choice, innovation, and competition across the sector.
From 28 May, Kiwibank customers can access open banking-enabled payments and data sharing directly through internet banking and the Kiwibank app.
The launch comes six months ahead of Kiwibank's regulatory deadline for customer data sharing under the Customer and Product Data Act 2025, enabled by the bank's multi-year technology transformation programme.
The regulated framework is arriving into a market where open banking behaviour is already established: more than one million New Zealanders have been using unregulated forms of open banking in recent years, with 78 of 122 accredited organisations already migrated to the new regulated system.
Kiwibank chief customer officer Mark Stephen (pictured left) said the milestone reflected the bank's ambition.
"Open banking has the potential to transform how Kiwi manage their money, making it easier to pay, share data securely, and access more personalised services," Stephen said in a media release.
Deliberate partnership model
Rather than building the entire ecosystem in-house, Kiwibank has taken a collaborative approach, partnering with three local fintech firms — Wych, Akahu, and Volley — as its first ecosystem partners.
The bank is also enabling open banking capabilities for customers with home loans arranged through New Zealand Home Loans, a mortgage adviser network, and has extended the rollout to Niue, where it has provided transactional banking services since 2013.
Stephen said the partnership strategy was intentional: "As a smaller bank, we're choosing to collaborate to move faster and deliver more value to customers. We want to build strong partnerships with fintechs across New Zealand because that's how we'll bring new ideas to market more quickly, scale innovation, and continue to challenge the status quo in the banking sector."
Kiwibank also committed in June 2025 to not charging accredited third parties for standard API requests — a permanent stance that removes a barrier to fintech innovation and puts distance between it and the major banks, each of which has introduced only time-limited fee waivers.
What it means for brokers and business clients
Businesses are expected to be among the early adopters, according to Elliot Smith (pictured right), Kiwibank chief customer officer business.
"Fuelling business ambition is about unlocking access and choice. Open banking will enable Kiwi businesses to connect with a wider range of services and solutions over time, supporting more tailored and timely ways to manage their finances," Smith said.
For mortgage advisers, the implications are practical. Open banking means adviser platforms can — with client consent — access transaction data directly rather than relying on manually exported statements, reducing friction in income verification and serviceability assessments.
Akahu, one of the launch partners, has already processed New Zealand's first regulated open banking home loan applications — a proof point that one of the highest-friction transactions in financial services is beginning to move onto the new infrastructure. The bank expects to begin onboarding all accredited third parties from the following week.
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