Westpac NZ has become the first bank to be operationally ready for the next open banking standard in advance of the 30 November milestone.
With its technical build for Open Banking Account Information API v2.3 completed, Westpac is now ready to partner with fintechs to deliver a broader range of open banking experiences for customers.
This includes enabling customers to securely share account details - such as name, mobile number and physical and email addresses - and transaction statements with accredited third parties.
Westpac NZ Chief Information Officer Russell Jones says the bank is pleased to be an industry leader in the open banking rollout.
"We see huge potential for open banking to create simpler and easier banking experiences for New Zealanders, giving them greater control over their financial information," Mr Jones says.
"Hitting this milestone ahead of time is testament to our strong investment in open banking and our commitment to secure, customer-driven data sharing.
"We've facilitated more than 80,000 payments totalling nearly $75m for more than 41,000 customers on our open banking rails since we went live last year. We already work with a range of innovative Kiwi fintechs and are open to further API agreements.
"In May we announced we were supporting the open banking ecosystem by making standard API requests through our systems free for accredited third-party providers for at least the first 12 months, ahead of the government's subsequent decision to prohibit banks from charging fees.
"We'll continue to support the rollout in a phased and methodical way, to ensure customers have a positive open banking experience and continue using it."
