Kiwibank backs open banking with no API fees
Kiwibank has become the first New Zealand bank to formally partner with fintech firm Wych, as it accelerates its push into open banking and promises not to charge third parties for standard API requests.
The New Zealand-owned bank announced that Wych – a local fintech focused on open data integration – will provide the infrastructure to connect Kiwibank with accredited third-party providers, as required under the open banking regime.
“As a modern integration provider, Wych’s solution is cloud hosted and provided as a complete end-to-end SaaS solution,” said Kiwibank chief executive Steve Jurkovich (pictured). “It’s also scalable and will enable us to easily adapt as the open banking ecosystem develops."
Backing local tech to deliver better customer outcomes
Jurkovich said the partnership with Wych would help Kiwibank collaborate with “even more innovative partners to offer services and experiences that provide our customers greater value and choice.”
“As a smaller player compared to the larger banks, we're excited to partner with fintechs to drive more competition to make Kiwi better off,” he said.
Dermot Butterfield, CEO of Wych, said the company was “excited to be partnering with Kiwibank to build on the opportunity that open banking represents for their customers, including more innovation and customer-centric solutions as the market matures.”
“We're proud to be supporting a Kiwi technology company and leveraging the expertise we have right here in New Zealand,” Butterfield said.
Kiwibank commits to no fees for standard API requests
Kiwibank has pledged not to charge accredited third parties for standard API access – distinguishing itself from other banks.
“We see the significant value open banking can deliver for our customers and we want to enable that,” Jurkovich said. “That’s why we won’t be charging accredited third parties to make standard API requests.”
While some competitors are offering temporary fee waivers, Kiwibank believes permanent fee-free access will foster a more dynamic ecosystem.
“At Kiwibank, we’re committed to shaping an open banking environment that delivers real benefits for New Zealanders,” Jurkovich said. “By removing cost barriers we’re helping to unlock innovation that puts customers first – enabling more tailored, transparent, and empowering financial experiences.”
Timeline for open banking APIs
Kiwibank has also confirmed its implementation timeline for key open banking features. The bank will deliver payment initiation API services by May 30, 2026 and account information API services by Nov. 30, 2026.
This timeline aligns with New Zealand’s broader regulatory framework, as the government has designated banking as the first sector under the newly enacted Customer and Product Data Act 2025.
The act, which received Royal Assent on March 29, 2025, establishes a Consumer Data Right (CDR), requiring banks to provide secure, consent-based data sharing with accredited third parties. Major banks must comply by Dec. 1, 2025, while Kiwibank has a phased timeline – delivering payment initiation API services by June 1, 2026 and account information APIs by Dec. 1, 2026.
Read the Kiwibank announcement here.
