New Zealand's Ministry of Business, Innovation and Employment has published updated Consumer Data Right statistics showing strong growth in regulated open banking and confirmed that it will assume responsibility for maintaining and developing the sector’s regulated standards. Between May and July 2026, successful payment requests increased 39% to more than 408,000, while their value rose 41% to NZD 130 million. Data-sharing requests more than doubled to over 19 million. The number of accredited requestors reached 14 at the end of July, six more than in May. These organizations may, with customer authorization, access banking information or initiate payments, although the payment statistics do not confirm that transactions were ultimately cleared. Under commercial arrangements agreed with Payments NZ, the ministry will use the industry-developed standards as the basis for future updates rather than replacing them. It will continue consulting industry participants on their design, operation and development as the Consumer Data Right framework expands, with electricity expected to be the next designated sector.
2026-08-21Ministry of Business, Innovation and Employment (New Zealand)
New Zealand's Ministry of Business, Innovation and Employment reports rapid open banking growth and assumes responsibility for regulated standards
New Zealand's Ministry of Business, Innovation and Employment reported that regulated open banking payment requests rose 39% from May to July 2026, reaching more than 408,000 and NZD 130 million in value, while data-sharing requests exceeded 19 million. The ministry will also assume responsibility for maintaining and developing the existing standards created by Payments NZ and industry participants.