AUCKLAND, N.Z.–At the same time the CFPB has announced it will no longer support rules it had enacted earlier that would have paved the way for open banking in the United States, other countries continue to move forward.

The four largest banks in New Zealand, ANZ, ASB, BNZ and Westpac NZ, have implemented an industry standard created by Payments NZ’s API Centre.

Version 2.3 of the Payment Initiation API standard for Open Banking was implemented at the end of May, marking the third step under the industry’s minimum open banking implementation strategy, according to ThePaypers. 

New ‘Options’

“This will enable fintechs and payment service providers to offer new payment options to their customers in the region,” the publication stated. “This standard introduces the mandatory support for ensuring payment consent. This is a critical function sought by the industry, allowing customers to make automated repeat payments from their account through third-party services authorised through their online banking portal or app.”

The API Centre is working with the four largest banks in the region, with an additional bank, Kiwibank, also preparing to implement the standard, according to ThePaypers.

What’s Next

“Following the implementation, users can authorize payments to happen under a certain limit, with notifications alerting them to review and approve the payment before it goes through if the limit is exceeded,” the report states. “Representatives from Payments NZ’s API Centre mention that the move aims to put the country ahead of international peers when it comes to Open Banking and to offer industry players a way to deliver new and upgraded payment experiences for customers.”

The move follows MBIE’s preparations of regulatory requirements for Open Banking under the Customer and Product Data Act, passed earlier in 2025, according to the report.