From today, Hibiscus Coast customers of ANZ, ASB, BNZ or Westpac can tap into new open banking services that promise more choice and sharper digital tools.

New regulations now in force across New Zealand set the first stage of a phased roll-out of regulated open banking.

The goal is to boost competition in the banking sector by making it easier for customers to use secure, customer-focused services such as budgeting apps, fast mortgage comparison tools and new payment options.

Instead of handing over internet banking passwords to unregulated providers, customers will be able to share their data in a controlled way.

Data can only be shared with a customer’s clear authorisation, and any business wanting access must be accredited by the Ministry of Business, Innovation and Employment.

Accredited data requestors will carry an official MBIE trust mark so customers can see who meets the standard.

MBIE is now accepting applications from organisations that want to become accredited data requestors.

In the background, MBIE has also agreed a standards licensing deal with Payments NZ so that existing industry API standards for data, payments and security can be locked into regulation.

ANZ, ASB, BNZ and Westpac must have their systems live from today.

Kiwibank must be ready by June 2026 for payment services and December 2026 for other services, while all other banks and deposit-takers can choose to opt in from now.

For Coasties, that means more secure ways to connect banking data with trusted tools over the next few years.

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