Data-sharing upgrade promises faster client assessments for advisers
Westpac NZ has become the first bank to be operationally ready for the next open banking standard ahead of the 30 November milestone, completing its technical build for Open Banking Account Information API v2.3.
The update means Westpac can now partner with more fintechs to deliver a wider set of open banking services, including secure customer-approved sharing of account details, contact information, and transaction statements with accredited third parties.
Broader data-sharing options for customers
The new capability allows customers to share key information such as name, mobile number, email and physical addresses and account statements with trusted providers.
For mortgage advisers, this is expected to streamline identity verification, reduce document collection and accelerate serviceability assessments.
The milestone comes as the government pushes ahead with the Customer and Product Data Act 2025, which will make open banking mandatory for New Zealand’s biggest banks from 1 December. MBIE has already designated banking as the first regulated sector, while the Payments NZ API Centre has confirmed v2.3 as the minimum standard banks must meet by November.
‘Huge potential’ for better banking experiences
Russell Jones (pictured), Westpac NZ chief information officer, said the bank is pleased to be leading the next phase of the rollout.
“We see huge potential for open banking to create simpler and easier banking experiences for New Zealanders, giving them greater control over their financial information,” Jones said in a media release.
He said delivering the new API standard ahead of schedule reflects Westpac’s long-term commitment to innovation.
“Hitting this milestone ahead of time is testament to our strong investment in open banking and our commitment to secure, customer-driven data sharing,” Jones said.
80,000 payments already processed on open banking rails
Jones said customer uptake shows rising confidence in open banking.
“We’ve facilitated more than 80,000 payments totalling nearly $75 million for more than 41,000 customers on our open banking rails since we went live last year," he said. "We already work with a range of innovative Kiwi fintechs and are open to further API agreements.”
Earlier this year, Westpac announced it would waive fees for standard API requests for at least the first 12 months — a decision the government later formalised by prohibiting banks from charging third-party API fees.
“We’ll continue to support the rollout in a phased and methodical way, to ensure customers have a positive open banking experience and continue using it,” Jones said.
The Commerce Commission views open banking as a key driver of competition and easier customer switching. Westpac’s early readiness puts it ahead of industry deadlines and is likely to speed up fintech partnerships across the lending ecosystem.
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