Source: Kiwibank
- Local tech company, Wych, will assist Kiwibank in implementing open banking.
- Kiwibank will not be charging accredited third parties to make standard API requests.
- Open banking will deliver more value, choice and flexibility for customers.
Kiwibank is the first New Zealand bank to partner with Wych, a New Zealand based financial technology company specialising in providing open data services and capabilities to data holders and data recipients.
Wych will provide the integration capability to connect accredited third parties with Kiwibank as it delivers open banking.
Steve Jurkovich, Kiwibank’s Chief Executive, says, “As a modern integration provider, Wych’s solution is cloud hosted and provided as a complete end-to-end SaaS solution. It’s also scalable and will enable Kiwibank to easily adapt as the open banking ecosystem develops.
“This next step in our open banking journey will set us up to collaborate with even more innovative partners to offer services and experiences that provide our customers greater value and choice. As a smaller player compared to the larger banks, Kiwibank is excited to partner with fintechs to drive more competition to make Kiwi better off.”
Dermot Butterfield, Wych’s Chief Executive Officer, says, “We are excited to be partnering with Kiwibank to build on the opportunity that open banking represents for their customers, including more innovation and customer-centric solutions as the market matures.”
Kiwibank is proud to be supporting a Kiwi technology company and leveraging the expertise we have right here in New Zealand.
Kiwibank takes competitive stand on open banking fees
Kiwibank exists to challenge the status quo and to create a future where banking in New Zealand is stronger and fairer than ever before.
“We see the significant value open banking can deliver for our customers and we want to enable that,” says Jurkovich. “That’s why we won’t be charging accredited third parties to make standard API requests.”
This sets Kiwibank apart. While some banks are offering temporary waivers on fees charged to accredited third parties, in the longer term those costs could be passed on to customers.
“At Kiwibank, we’re committed to shaping an open banking environment that delivers real benefits for New Zealanders,” says Jurkovich. “By removing cost barriers we’re helping to unlock innovation that puts customers first – enabling more tailored, transparent, and empowering financial experiences.”
Kiwibank is committed to delivering payment initiation API services by 30 May 2026 and account information API services by 30 November 2026.
About Kiwibank
Kiwibank is a Purpose-led organisation that has modern, Kiwi values at heart and keeps Kiwi money where it belongs – right here in New Zealand. As a Kiwi bank, with more than a million customers, our trusted experts are focused on supporting Kiwi with their home ownership aspirations and backing local business ambitions, so together we can thrive here in Aotearoa and on the world stage. Kiwibank is the #1 bank in Kantar’s 2024 Corporate Reputation Index and the only bank in the top 20. To find out more about Kiwibank visit www.kiwibank.co.nz.