AUCKLAND, New Zealand — Kiwibank has become the first bank in New Zealand to launch Open Banking capabilities across all of its digital channels for both consumer and business customers, a move the bank said is aimed at increasing competition, innovation and customer choice in the country’s financial sector.
According to Kiwibank, customers can now access Open Banking-enabled payments and secure data-sharing services through the bank’s internet banking platform and mobile app.
“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,” Mark Stephen, Kiwibank’s chief customer officer for retail, said in a statement.
Kiwibank said it partnered with New Zealand-based technology company Wych to connect with accredited third parties, while also working with local fintech firms Volley and Akahu to support Open Banking services.
Asset Size Plays Role
Stephen said collaboration with fintech companies is part of the bank’s strategy to accelerate innovation.
“As a smaller bank, we’re choosing to collaborate to move faster and deliver more value to customers,” Stephen said. “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 said it is introducing Open Banking-enabled data sharing, including most features required under upcoming regulations, about six months ahead of the regulatory deadline. The bank attributed the accelerated rollout to investments in its technology infrastructure and broader transformation efforts.
Businesses are expected to be among the earliest adopters of the services, according to the bank.
Lessons from Other Markets
Elliot Smith, Kiwibank’s chief customer officer for business, said experiences in markets such as the United Kingdom and Europe suggest businesses tend to adopt Open Banking services quickly because of potential efficiencies and automation benefits.
“Open Banking will enable the same opportunity here in New Zealand as the ecosystem develops,” Smith said.
Smith added that business customers can already access applications through Akahu, including payroll and compliance platform PaySauce.
Another First
Kiwibank also noted that in June 2025 it became the first bank in New Zealand to commit to not charging accredited third parties for standard API requests, which it said was intended to reduce barriers to innovation and encourage competition.
James McCann, founder of Volley, said the partnership would help provide customers and businesses with “a faster and more secure way to pay from their bank account.”
Ben Lynch, founder of Akahu, said Kiwibank’s approach “sets a new benchmark for Open Banking in New Zealand” by making payment and data-sharing capabilities available to eligible consumer and business customers.
