NZ’s Open Banking Framework Becomes Law

What’s Changed?

The CPD is now legislated. With Parliament’s approval secured, the CPD will be reviewed by the clerk, reprinted, and presented to the Governor-General for royal assent.

Here’s what that unlocks:

Putting Consumers in Control

This bill sets up the framework to change that and puts power back in the hands of those who own the data: consumers.

At its core, this is about data ownership. The CPD establishes a Consumer Data Right (CDR) in New Zealand, giving individuals greater control over their financial and product information, shifting power away from institutions and toward the people who generate the data.

Fueling Innovation and Competition

This legislation will also support innovation and competition across key sectors, encouraging businesses to offer new products and services using the data they already hold. Better choice and competition, of course, leads to higher productivity and, ultimately, to economic growth.

With a formal regulatory framework now in place, organisations finally have the clarity they need to upgrade their data-sharing capabilities. It’s a welcome step forward for an industry that’s been preparing and waiting for years.

Making Everyday Decisions Easier

If a fintech provider can amalgamate that information in an easy-to-use application, in a format that is customer- and user-friendly, then all power to them.

Tasks like applying for a mortgage or switching electricity providers could soon be handled in minutes, not hours, powered by secure, user-consented access to real-time data. That’s a win for consumers and a catalyst for service innovation.

A Clear Path Toward Implementation

The speedy roll-out of open banking is a big priority for me and my ministerial team, and that's why I've committed to have open banking fully operational by the end of this calendar year.

While this commitment is recent, the journey here hasn’t been. This milestone also reflects years of groundwork laid by industry bodies like Payments NZ, whose collaborative efforts have helped shape a trusted and interoperable framework for open banking in Aotearoa. This legislation now provides the legal and operational clarity to move from intent to implementation. With detailed rules and standards to be defined in secondary legislation, the Minister has committed to having “open banking fully operational by the end of the calendar year.”

Why This Matters

For providers like Fiskil, the CPD isn’t just a regulatory milestone, it’s a long-overdue foundation for progress.

Strengthening Consumer Trust

With individuals in control, trust in digital services grows. This sets the foundation for long-term engagement and adoption.

Creating Space for New Products

From smarter budgeting tools to personalised financial services, the CPD paves the way for a new generation of fintech applications - powered by secure, real-time data access.

Providing Certainty for Industry

With legislative backing and a defined regulatory framework, businesses can now invest with confidence—building infrastructure that meets today’s standards and adapts to tomorrow’s.

Discover how we can help you comply & compete with open data

At Fiskil, we’ve built for this moment. Our infrastructure is purpose-designed for open banking at scale—built to meet the demands of modern regulation while remaining flexible to change.

We’re already working with clients across the region to support their open data initiatives—helping them integrate quickly, securely, and with minimal overhead.

We'll continue to share insights as the rollout progresses. If you're planning how to respond to these changes—or how to seize the opportunity—it’s the right time to connect.