Westpac teams up with Akahu for fintech access
Customers gain streamlined access to fintech tools and enriched transaction data
Westpac New Zealand has partnered with local open banking intermediary Akahu, giving customers access to over 70 government, corporate, and fintech services through secure account linking.
The agreement positions Westpac as an early mover in New Zealand’s open banking transition, offering customers greater control over how they use their financial data.
Open banking made real for customers
Akahu provides API-based connectivity that enables users to link bank accounts to popular services like PocketSmith, PaySauce, Tiger Brokers, and New Zealand Home Loans without sharing login credentials.
The partnership allows Westpac customers to automate budgeting, accounting, payroll, and investment management through a well-established data-sharing framework
“By working with Akahu, we’re enabling secure, consent-based access to a wide range of services that can help people and businesses better manage their money,” said Russell Jones (pictured), Westpac chief information officer.
Jones called the connection “the beginning of a long-term, viable ecosystem that would start making open banking real for customers.”
Westpac leads with zero API fees and richer transaction insights
In a move to support the growing fintech sector, Westpac recently announced it would waive API request fees for at least 12 months – encouraging developers to begin building open banking features without cost barriers.
The bank is also adopting Akahu’s transaction enrichment services, enabling customers to view detailed merchant information – including names, logos, locations, and websites – within the Westpac One app.
“Westpac’s level of transaction enrichment will be unique in the industry and reach across all payment types,” said Josh Daniell, co-founder of Akahu.
“With our focus on this market and local team, we’re able to enrich the full breadth of New Zealand merchants. Customers are delighted to see that we can supply details for their local convenience store in Karitane, or their fish & chip shop in Pukenui.”
Preparing for open banking regulation in 2025
This initiative arrives ahead of the December 2025 regulatory change that will mandate standardised open banking protocols in New Zealand.
The shift will replace current bilateral agreements with a centralised, regulated framework. Westpac’s early commitment to integration – demonstrated by its partnerships with Akahu and digital wallet provider Dosh – signals a proactive approach to shaping the future open finance ecosystem.
“This is a sign that Westpac is committed to fostering a vibrant and viable open banking ecosystem,” Daniell said. “We’re excited to help bring enhanced services and value to Westpac customers through this collaboration.”
This partnership comes as part of a broader industry movement, with New Zealand's four largest banks—ANZ, ASB, BNZ, and Westpac—implementing version 2.3 of the Payment Initiation API standard developed by Payments NZ's API Centre. This standard introduces key features like enduring payment consent and decoupled authentication, enhancing the open banking ecosystem.
The implementation of these standards aligns with the Customer and Product Data Bill, which will require major banks to comply with open banking regulations by Dec. 1. Kiwibank is set to follow in two phases, starting with payment initiation in June 2026 and full customer account data access by December 2026.
