Open Banking will be extended to business banking channels, opening the door to a broad range of tools and services for businesses, Commerce and Consumer Affairs Minister Scott Simpson and Small Business and Manufacturing Minister Chris Penk say.
It means businesses can share their banking data with trusted providers, unlocking faster loan comparisons, automated accounting, and smarter cashflow tools to boost competition and productivity.
"This is about making life easier for businesses. It means fintechs can develop new tools for businesses which can mean less time on paperwork and admin, and more time focusing on customers and growth," Mr Simpson says.
"Simple things like automated accounting tools and streamlined payment systems can save businesses hours every day."
In the United Kingdom, businesses using Open Banking tools saved around 150 hours a year on basic tasks.
"That's nearly a month of time gained, and that's time that can be spent growing the business, supporting staff, or serving customers."
"Since regulated open banking launched in December 2025, major banks have rolled out services to customer banking channels, with fintechs already delivering innovative new tools to New Zealanders."
Cabinet has confirmed that banks will not be required to enable regulated Open Banking for large corporates and institutions. International examples show limited demand, and use case for Open Banking among larger entities.
Minister Penk says Open Banking is particularly valuable for small businesses because it tackles several of their biggest constraints at once.
"Small businesses can struggle to secure loans because they lack long credit histories or substantial collateral, but Open Banking products allow lenders a clearer picture of how a business is actually performing.
"Cash flow is also one of the biggest pain points, which fintechs can use Open Banking to address by bringing accounts from different banks into one place, helping owners track money in and out in real time so they can avoid shortfalls and make better spending decisions.
"For smaller operators with fewer staff, manual reconciliation, invoicing, and financial tracking take up valuable time. Services harnessing Open Banking can automate these tasks, reduce paperwork and errors, and free up capacity to focus on running the business," Mr Penk says.
"Open Banking will boost competition, improve productivity, and give businesses better choices. This next step means more businesses will start to see those benefits in their day-to-day operations."
"Easy access to Open Banking tools and their wide range of benefits is all about boosting productivity and reducing the burden on small businesses. It's a key priority for this Government," Mr Simpson says.
