Why is the API Centre closing?
The Payments NZ Board has decided that the API Centre will cease operating on 30 September 2026. Responsibility for open banking standards management will transfer fully to the Ministry of Business, Innovation and Employment Hīkina Whakatutuki (MBIE) from that date.
This follows a change in policy direction towards a centralised standards management capability across multiple sectors under the Customer and Product Data Act 2025, removing the need for the approved person for open banking function that Payments NZ had been working towards.
Does this mean open banking has failed?
No. In July 2026, our API Standards User ecosystem completed over 401,000 open banking payments, with values exceeding NZ$130 million — up 11% on the previous month. More than 221,000 of their customers also authorised payments or data sharing. These numbers show an ecosystem that is live, growing and thriving.
What did the API Centre achieve?
Since 2019, the Centre has worked with banks, fintechs and payment service providers to develop the standards, governance arrangements, infrastructure and operational capability that underpin open banking in Aotearoa today. It helped establish the foundations that enabled Aotearoa to enter the regulated open banking environment with mature standards and industry capability already in place.
What happens to the standards and infrastructure developed by the Centre?
Throughout the transition process, Payments NZ has made the Centre's operating model, services, tools and expertise available to support the transition. These assets remain valuable and important to the operation of the open banking ecosystem. We are focused on a careful transition and any handover arrangements will prioritise continuity for the ecosystem.
What does this mean for the open banking ecosystem?
Open banking services continue to operate, and the ecosystem remains active and growing. The standards, infrastructure and industry capability established through the API Centre continue to support the ecosystem today – with the Centre’s standards currently licensed for use to MBIE.
What happens next?
The decision to cease operating the Centre has been made and we are now in a managed transition until 30 September 2026. Throughout this process, Payments NZ has worked constructively with MBIE and made the Centre's operating model, services, tools and expertise available to support a careful transition. We have agreed on commercial terms for the transfer of our version 3.0 open banking specifications and continue to work on further transition arrangements.
Payments NZ remains focused on supporting the broader payments ecosystem through our clearing systems and strategic work. Questions relating to future standards management arrangements should be directed to MBIE.
Where can I find more information?
If you have questions about the API Centre's closure, please contact us at APICentre@paymentsnz.co.nz. Questions about future standards management arrangements should be directed to MBIE.
I’d still like to join the API Centre as a Standards User or Community Contributor. How can I do this?
Please contact our team at APICentre@paymentsnz.co.nz and we will discuss some options with you.