Open Banking will be extended to business banking channels from 2027, unlocking a wider range of digital tools and financial services for New Zealand businesses, Ministers Scott Simpson and Chris Penk have announced.
The change will allow small and medium‑sized enterprises to securely share their banking data with accredited providers, enabling faster loan assessments, automated accounting, and real‑time cashflow tools designed to lift productivity and reduce admin.
Commerce and Consumer Affairs – Minister
“This is about making life easier for businesses,” Commerce and Consumer Affairs Minister Scott Simpson said. “Fintechs will be able to build new tools that cut paperwork and free up time for growth. Simple things like automated accounting and streamlined payments can save hours every day.”
International examples show the potential impact. In the UK, businesses using Open Banking tools saved around 150 hours a year on basic financial tasks — nearly a month of regained time.
Since regulated Open Banking launched in December 2025, major banks have enabled services on their main consumer channels, with fintechs already rolling out new products. The next phase will require ANZ, ASB, BNZ, Westpac and Kiwibank to extend Open Banking to all SME‑focused mobile apps and online banking platforms from 1 June 2027.
Small Business Minister Chris Penk said the benefits for smaller firms are significant. “Many small businesses struggle to secure loans because they lack long credit histories. Open Banking gives lenders a clearer picture of how a business is performing. Cashflow is another major pain point — bringing accounts together in one place helps owners track money in real time and avoid shortfalls.”
For small operators with limited staff, manual reconciliation and invoicing remain major drains on time. Penk said Open Banking‑powered services can automate these tasks, reduce errors, and free up capacity to focus on customers.
Cabinet has confirmed that large corporates will not be included at this stage, citing limited international demand and the prevalence of bespoke banking systems.
The Government will soon consult on draft regulations to finalise the changes. Simpson said the goal is clear: “Easy access to Open Banking tools will boost productivity and reduce the burden on small businesses. It’s a key priority for this Government.”
