Open banking is working. Payments NZ and the API Centre built the standards, capability and connections that helped make it real. The API Centre will close on 30 September 2026, but the transition will continue beyond that date. Payments NZ will support the handover over the coming months so the ecosystem can move confidently into its regulatory-led phase.
About the transition
Why is the API Centre closing?
The API Centre will cease operating on 30 September 2026 because open banking standards management is moving into a new, regulatory-led phase. Under the Customer and Product Data Act 2025, the Government is establishing a centralised approach to standards management across multiple sectors, led by the Ministry of Business, Innovation and Employment Hīkina Whakatutuki (MBIE).
The API Centre's closure date is not the end of the transition. Not everything will transfer by 30 September, and the work will continue over the following months. Payments NZ will support MBIE where required and help Standards Users through the handover. This is a change in how the work is organised, not an end to open banking.
Does this mean open banking has failed?
Open banking is live, growing and delivering value. Usage increased month on month across every key measure in both June and July 2026. The number of payments grew by 19% in June and a further 11% in July, reaching more than 401,000 payments worth over NZ$130 million. The number of unique customers authorising open banking payments also grew by 18% in June and another 11% in July, reaching more than 221,000.
The growth is broader than payments. Successful account information data requests increased from 8.7 million in May to 12.1 million in June and 19.2 million in July. That means data requests more than doubled in two months, with July alone up 58% on June.
These results show an active ecosystem being used by more people, more often. The move to regulatory-led standards management is the next stage of open banking's development, building on a strong and proven foundation.
What did Payments NZ and the API Centre achieve?
Since 2019, we have built the practical foundations for open banking in Aotearoa. We brought banks, fintechs and payment service providers together and created the standards, governance arrangements, infrastructure and operational capability the ecosystem uses today.
That work meant Aotearoa entered the regulated open banking environment with mature standards, industry experience and a functioning ecosystem already in place. Regulated open banking did not have to start from scratch, it could build from what we created together.
What is an 'approved person', and why is that changing?
An 'approved person' is an organisation formally authorised to perform a role under legislation. Payments NZ had been working towards becoming the approved person responsible for open banking standards.
The Government has since chosen a centralised standards management model under the Customer and Product Data Act 2025. That removes the need for Payments NZ to take on the approved person role for open banking, because MBIE will lead standards management directly.
Who will manage open banking standards after 30 September 2026?
MBIE will lead the regulatory standards management. The API Centre will close on 30 September 2026, but the handover will continue after that date. Payments NZ will support MBIE where required and continue supporting API Standards Users over the coming months while the remaining transition work is completed.
Will open banking services stop?
Open banking services will continue to operate. The API Centre's closure on 30 September does not mean that open banking stops or that every part of the handover must be completed by that date. The ecosystem remains active and growing, supported by the standards, infrastructure and industry capability established through the API Centre. The Centre's standards are currently licensed for MBIE to use, helping maintain continuity while the transition continues.
What will happen to the standards, tools and expertise developed by the API Centre?
They remain valuable building blocks for open banking in Aotearoa. Payments NZ has made the API Centre's operating model, services, tools and expertise available to support the transition. We have agreed commercial terms for the transfer of our version 3.0 open banking specifications and are continuing to work through further transition arrangements.
The handover will continue beyond the API Centre's closure on 30 September. Our priority over the coming months is a careful transition that supports continuity for the ecosystem and makes the most of what has already been built.
What does the transition mean for API Standards Users?
API Standards Users can continue using the standards and participating in the ecosystem during the transition. Payments NZ will support Standards Users before and after 30 September as open banking moves to regulatory-led standards management. We will share practical information as arrangements are confirmed over the coming months.
If you are a Standards User, we will contact you directly about relevant transition steps and opportunities to stay connected.
How will third parties continue to have a voice?
Third parties have helped shape open banking and we want that voice to continue. Payments NZ will keep looking for ways to involve fintechs, payment service providers and other innovators in conversations about the future of payments in Aotearoa.
Can API Standards Users become Payments NZ members?
We are looking to offer current Third Parties one year of Payments NZ industry membership at no cost. This would provide a way to stay connected to the wider payments ecosystem and take part in relevant industry discussions and initiatives.
We will contact Third Parties directly with more information once the offer and transition details are confirmed.
Can I still join the API Centre as a Standards User or Community Contributor?
Because the API Centre will cease operating on 30 September 2026, it is no longer the long-term route for joining the open banking ecosystem. The wider transition will continue after that date, and there will still be ways to participate and contribute. These include Payments NZ membership (Payments NZ Membership) and MBIE's accreditation framework (MBIE's accreditation framework) for involvement in regulated open banking.
If you are interested in the wider future of payments, Payments NZ membership provides opportunities to participate in industry discussions and initiatives.
What happens next?
The API Centre will close on 30 September 2026, but the transition will continue over the following months. Payments NZ will keep working constructively with MBIE, support MBIE where required, and help Standards Users move confidently into the regulatory-led environment. We will communicate practical next steps as arrangements are confirmed.
Payments NZ remains committed to Aotearoa's broader payments ecosystem through our clearing systems and strategic work. We also want to retain the valuable voice of Third Parties across the wider payments system.
Where can I get more information?
For questions about the API Centre's closure or support during the transition, contact APICentre@paymentsnz.co.nz.
For questions about future standards management or MBIE's accreditation framework, please contact MBIE.