Kia ora,

Welcome to the fourth issue of MBIE’s Consumer Data Right (CDR) Industry Brief, with updates on open banking and open electricity.

In this update

• Update on draft changes to Banking Regulations
• Open banking updates
• Update on decision to designate the electricity sector 

Update on draft changes to Banking Regulations

The Government has confirmed the next phase of New Zealand’s regulated open banking rollout. From 1 June 2027 designated banks will be required to provide regulated open banking for all relevant accounts on all their digital channels, with two exceptions: channels that are due to be decommissioned over the next two years, and accounts that are held by large corporations and public institutions. This decision focuses on ensuring households and SMEs have the greatest possible access to regulated open banking. 

Read the press release here: Open Banking to power business growth

The Government will consult publicly on draft regulations that give effect to this decision shortly – these will be published on www.mbie.govt.nz/have-your-say.

Open banking updates

• MBIE is pleased to share that we have approved Qippay and Paymark (trading as Worldline) as accredited requestors under the Consumer Data Right. This will bring the current total to six approved accredited requestors, with further applications currently under assessment. If your organisation is interested in becoming accredited, please get in touch with us by replying to this email.
• Updated guidance on CDR fees and levies in the banking sector has been published on MBIE’s website: Fees and levies for Consumer Data Right
• MBIE recently attended the Fintech Hui, engaging with industry on developments across fintech innovation, open banking and open finance.

Update on decision to designate the electricity sector

Following the decision by Cabinet to designate the electricity sector under the Customer and Product Data Act, MBIE is working closely with the Electricity Authority to implement regulated open electricity. Acting on feedback provided by regulated open banking participants, open electricity will target specific use cases and the data needed to enable them.  This targeted outcome is providing clarity for future participants and for MBIE teams responsible for establishing regulations and standards. Updates and opportunities for feedback on draft regulations and standards will be shared in due course.

Thank you for your continued engagement with the CDR. A reminder to please email us at consumerdataright@mbie.govt.nz if you would like to raise any issues or suggestions. 

Ngā mihi,
The MBIE Consumer Data Right Team