From today, Kiwibank customers can access open‑banking‑enabled payments and data sharing directly through internet banking and the Kiwibank app, with business customers among those expected to be the earliest beneficiaries.
The bank has partnered with local fintechs Wych, Volley and Akahu to connect customers with accredited third parties, a deliberate strategy that Kiwibank says reflects the advantages of being a smaller, more agile player in the market.
For business customers, the practical impact lands in the everyday friction points: Cashflow management, payroll, reconciliation and access to working capital.
Kiwibank Chief Customer Officer – Business, Elliot Smith, told NZBusiness the rollout was designed to take cost and complexity out of running a small business.
“For our business customers, it gives them a lot more choice about how they manage things like cashflow, payroll and their working capital,” Smith says.
“For a lot of small businesses, just taking the noise, friction and cost out of the things they do is hugely beneficial.”
He points to payroll as an early, tangible example. Today, connecting a payroll platform such as PaySauce to a business bank account typically requires a series of manual steps. Under open banking, that connection happens once, with the business owner’s explicit consent, and can be revoked at any time.
“Customers can get a seamless experience when they’re doing payroll because the bank account is automatically enabled to connect to those tools,” Smith says.
“The choice is in their hands. They can connect them, they can revoke the permission. It’s about putting those tools closer to the action for customers, and simplifying it.”
Kiwibank has committed to making standard API requests free for accredited third parties, a position it first took in June 2025, and one no other New Zealand bank has yet matched.
Smith says the bank believes that should remain a free service for all its customers.
Cashflow and access to working capital remain among the top pressure points for Kiwi SMEs in the current economy. Asked whether open banking would meaningfully shorten the path to funding, Smith framed the shift as removing inefficiency from processes business owners already grapple with, rather than an overnight transformation.
Elliot Smith, Kiwibank Chief Customer Officer – Business.
Kiwibank points to international experience to underline the opportunity. In more mature open banking markets such as the UK and Europe, businesses have been among the earliest adopters, drawn by automation, cost efficiency and improved cashflow management. Kiwibank expects the same pattern to emerge in New Zealand as the ecosystem develops.
The bank’s decision to partner heavily with local fintechs is, Smith says, a deliberate strategy rather than a workaround. Akahu, Volley, Wych and PaySauce already feature in the live ecosystem, and the bank is openly inviting other fintechs to come forward.
“There’s a rich tapestry of fintechs looking to do amazing things in New Zealand. We’re excited to be able to enable business accounts for a lot of those fintechs, and we certainly encourage ones we haven’t been talking to yet to get in touch. Innovation in the system, and making payments simpler, faster, easier and cheaper, is something we should all care about.”
Akahu Founder Ben Lynch says Kiwibank’s approach “sets a new benchmark for open banking in New Zealand”, particularly in extending the capability to small and medium‑sized businesses. Volley founder James McCann says the partnership gives Kiwi businesses “a faster and more secure way to pay from their bank account”.
With online fraud an escalating concern for business owners, the question of trust is central. Smith says the accreditation regime overseen by Payments NZ has been designed to give business customers confidence in third‑party providers.
“The standards that have been set around how open banking third‑party partners can be accredited have got bank‑grade and industry‑grade security built into them, through the API, through our own mobile and internet banking channels,” he says.
“Businesses should feel really comfortable connecting through the standardised APIs that have been mandated. One of the benefits of the time it has taken is making sure there’s the right trust, the right security and the right fraud management so customers can feel confident using third‑party providers.”
Whether the rest of the market follows Kiwibank’s lead, particularly on the question of free API access, remains to be seen. Smith stops short of predicting how other banks will respond, but is clear about what more competition would mean for customers.
“More options create more competition, which creates more pressure on incumbents to improve their services and experiences. We’re a business that wants to grow and support Kiwi and the businesses they own. We firmly believe we can have more impact in this country.”
Kiwibank Chief Customer Officer – Retail, Mark Stephen, says the early delivery reflects the bank’s wider transformation programme and investment in a modern core technology platform.
“This is a great example of how our transformation is enabling us to go further and faster — not just keeping up with change, but getting ahead of it,” Stephen says.
On the question of education, and ensuring SMEs actually understand and adopt the new services, Smith outlined a three‑pronged approach: Leaning on fintech partners with established SME relationships, publishing guidance through Kiwibank’s own channels, and equipping frontline staff to point customers towards third‑party options.
“It’s about genuine care about what a customer needs. It’s not just about what the bank provides, it’s actually about how they run their business. We play an important role, but we certainly don’t play the only role.”
Kiwibank expects to begin the onboarding process for all accredited third parties from next week.
