Industry led and market driven
Some time ago, the New Zealand payments industry recognised significant benefits in having common API standards and a shared framework to support their ongoing use and development. In 2017, industry discussions led to a set of guiding principles and objectives for such a service and the subsequent creation of an independent API Centre®.
With considerable experience in standards development, management, and governance, and having facilitated the API standards initiative, Payments NZ was asked to set up and manage the API Centre on behalf of the industry. The vision was that the centre would develop and publish API standards and pave the way for banks and third parties to form partnerships so they can deliver open banking innovation for Kiwis.
The foundational work for the API Centre was investigated and brought to life under Payments NZ’s Payments Direction strategic programme. The API Centre was launched in May 2019 with a broad mandate to connect the industry and facilitate work that would enable standardised API-related payments innovation to be delivered to Kiwis.
We share more about the background of this early work to establish the API Centre in 2019 in a paper called Our open banking journey.
And you can learn more about the design of the centre on the API Centre model page.