Statement on the passage of the Customer and Product Data Bill
27 Mar 2025
We welcome the passage of the Customer and Product Data Bill, which received unanimous support in Parliament.
Payments NZ strongly supports the objectives of this legislation, and the vision of a robust consumer data regime for Aotearoa New Zealand — one that enables innovation and competition while maintaining a strong focus on safety and security. The progress of this legislation represents an important step forward for both the financial services industry and consumers.
As the operator of the API Centre, Payments NZ has been leading the development of industry-led open banking in Aotearoa since 2019. In the past 18 months, we’ve seen meaningful growth in the use of open banking payments. Some of our standards users have shared that their transaction volumes are now tracking ahead of those seen in comparable markets such as Australia and the UK.
We're pleased to have played a significant role in shaping this work. The API Centre team has shared deep industry knowledge and expertise with MBIE and other government officials throughout the development of this legislation and we’ll continue to offer support as specific regulations for open banking are finalised.
The new legislation provides a formal foundation for the safe sharing of data and includes key capabilities such as data portability and action initiation. These are essential enablers of future digital services that can deliver real value and convenience to consumers and businesses alike.
Our work extends beyond open banking. We’re about to conclude our public consultation on next-generation digital payments infrastructure for Aotearoa, and we continue to strengthen the safety, resilience and interoperability of the core payment systems we govern.
We look forward to continuing to collaborate with government, regulators, and industry stakeholders to help realise the full benefits of open banking and an innovative, secure payments ecosystem for all New Zealanders.
Steve Wiggins
Chief Executive, Payments NZ