Kiwibank has announced it will become the first bank in New Zealand to fully roll out open banking services for both personal and business customers.
Open banking means allowing individuals and businesses to connect their bank accounts to third-party financial services with their consent, making it easier to manage finances, make payments, and access more personalised products through secure data-sharing systems.
The rollout arrives ahead of regulatory deadlines, as New Zealand’s banking sector transitions toward a more open data framework aimed at boosting competition and expanding the variety of services available to consumers and businesses.
This allows Kiwibank customers to share their banking data with approved third-party providers such as budgeting apps, lenders, and payment services through Kiwibank internet banking and mobile app.
Kiwibank chief customer officer Mark Stephen said the move is set to give customers greater choice while encouraging innovation across the financial sector.
The bank also said it does not plan to charge fintech companies developing open banking applications for access to its systems.
Kiwibank has partnered with fintech company Wych to securely connect with accredited third-party providers. It is also collaborating with local fintech companies Akahu and Volley to provide open banking services, with plans to broaden the number of participating providers as the system evolves.
The bank said customers will remain in control of how their data is shared and with whom, with consent required for every connection.