What is Open Banking

Open Banking is an initiative by Payments NZ involving several banks.

It allows approved third-party service providers to access banking technology, enabling them to offer payment and financial services to bank customers, providing more payment options and money management solutions for New Zealanders.

Approved service providers can request your consent to securely connect to your account to offer their services. If you consent, you can:
– Make payments directly from your bank account, such as to an online store.
– Securely share your account information, for example, with a mortgage provider for a home loan application

How third-party service providers get approved:
Eligible service providers must be approved before providing their services to customers or businesses.

When these services will be available:
Starting in May 2024, you can make one-off payments from your bank account to another account in New Zealand using an approved service provider.
Starting in November 2024, you can share your transactional account information using an approved service provider.

Security:
Open Banking protects your information with bank-level security.
Highly secure channels allow safe communication and information sharing between your bank and the approved service provider.
The service provider connects directly with your bank, eliminating the need to share sensitive information like your username or password.

Blue Water Mortgages, New Plymouth, Taranaki.