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Open Banking

Open Banking provides an additional payment option and more ways to manage your money and data through secure sharing with approved third-parties.

What is Open Banking?

Open Banking is an industry initiative that allows you to securely make payments and share account information with approved third-party service providers. It gives you more control over your data and more ways to securely move and manage your money.

  • From May 2024, you can make payments online even if you do not have your credit or debit card handy. Open Banking can be used to make a range of payments directly from your account so you can pay through third-party apps and mobile websites.

  • From November 2024, you can give organisations such as a mortgage broker, accounting apps or personal finance management apps, permission to access your data.

You can find out more about Open Banking by visiting the Payments New Zealand API Centre.

How does Open Banking work?

Open Banking gives you control over making a payment or sharing data with your chosen Open Banking third-party service provider.

You can choose if you want to pay via Open Banking when you are making a purchase in the third party's app or on their mobile website. It's a seamless process to complete the payment.

Make a payment via Open Banking

The ability to make payments via Open Banking will be available from May 2024 and will involve the following steps:

1. Take action

When interacting with a third party such as an online retailer, the third party will confirm the payment amount and ask if you want to pay directly from your bank account. You will need to confirm that you bank with us to continue.

2. Verify your identity

You will be taken to the ASB Mobile Banking app and will need to log in as you normally do.

3. Make your choice

Once you are logged in, we will show you a summary of your payment, including the amount and where your money will be going. If you have more than one account with us, you'll need to confirm which account you'd like to use. You can also enter reference details if you wish.

4. Provide approval

If you are happy to proceed, click continue to provide your approval for the transaction.

5. Payment complete

Once you've given your approval, you will be taken back to the third-party app or mobile website where the third party will process the payment directly from your account.

Share information via Open Banking

Information sharing will be available from November 2024 and will involve the following steps:
  • The third party will give you a description of the service it's providing and the data that it requires to provide its service via their mobile website or app.

  • If you are happy for this data to be shared, you will have to give permission for the third party to access the data on their mobile website or app.

  • You'll be taken to the ASB Mobile app to verify your identity by logging in as you normally do.

  • You will then be able to choose the accounts you want to share, check the data requested by the third party and select how long you want to give access to your information.

  • Once you've given your approval, the third party will receive access to your data and confirm this.

You will be able to cancel access to your data through either the third party or us. You can choose what information gets shared with which parties and no information will be shared with parties without permission.

Is Open Banking safe?

Safety and security are top of mind when considering use of new payment options for you - our customers - and for us as a bank. So, how do you know that Open Banking is safe?

  • Bank level security: We will only ever use carefully tested software. We will never send you a message or contact you over the phone to ask for your internet banking password.

  • Industry level standards: Industry level standards are in place to govern the interaction between the customer, the bank and the third party who wants to access that customer's data. Only organisations who fulfil the Payments New Zealand (PNZ) API Centre’s strict access rules can become members.

  • It's your choice: It's up to you to decide whether you want to use the Open Banking payments option. It is also up to you when, with whom and for how long you want to securely share data.

How to guides

New to online banking? We want to make sure you feel confident and secure while banking online. Check out our step-by-step guides to help you get started.

Find out more

Frequently Asked Questions

Where can I make Open Banking payments?

Open Banking payments will be offered online by registered third parties. It is up to the organisation to decide if and when to offer Open Banking as a payment option to their customers.

Can I make Open Banking payments via web browser?

Open Banking payments and information sharing will only be available via the ASB Mobile app.

Can I control Open Banking payments?

You always need to give us your explicit permission in the ASB Mobile app before any payment is made. You can check your payments at any time in the ASB Mobile app. If your account needs more than one person to authorise a payment (i.e., is a multiple signatory account), the payment will not be processed.

What types of accounts can be used for Open Banking?

You can use Open Banking for any single signatory payment account that you access via our ASB Mobile app. This includes personal and business current accounts.

What do I do if there is a problem with an Open Banking payment?

Contact us or the third party and we will work to resolve the issue.

How is my data protected and how do I know what I am sharing?

Data sharing will require your consent. It is always your choice who you share information with, what information you share and how long the third party has access to the information.

If you feel unsure or uncomfortable about sharing information, contact us for help.

What type of data will I be able to share?

From November 2024, you will be able to share account, balance and transaction history data for personal and business transaction, lending, savings, and credit card accounts.

What if I don't want to share my data anymore?

You can stop sharing data at any point. We will provide information about exactly how to do this once data sharing becomes available in November 2024.

What happens to the data I share?

If you choose to share your information, it will be sent to the registered third party using a secure connection. ASB will never ask you to confirm, update or disclose personal or banking information via a link in an email or text message.

The third party will have access to the information for the time you have chosen. You can also choose to end the sharing at any time or ask for your data to be deleted.

 

Will I be charged for using Open Banking payments or data sharing?

ASB will not charge you to pay via Open Banking payment options or share data.

I'm a business owner who'd like to offer open banking payments to my customers. How can I do this?

If you are interested in becoming an Open Banking third party service provider, you will need to first register as a standard user with the the Payments NZ API Centre.

How quickly are Open Banking payments processed?

Open Banking payments are like normal payments from your bank account. The payment will process within normal processing times if there are sufficient funds in your account.

Does Open Banking work with screen readers?

Yes, Open Banking features are designed to work with screen readers.

When will ASB accept 3rd party registrations?

When will ASB accept 3rd party registrations?We are looking to onboard 3rd parties from late March 2024. In the meantime, you can register as a standard user with the PNZ API Centre.

I want to integrate with one of ASB's partners, how do I do that?

Contact the partner organisation directly. The PNZ API Centre has a list of registered third parties.

We're here to help

Personal banking

Send us a secure message through My Messages in FastNet Classic Internet banking and one of our team will respond to you.

Our Contact Centre is open 8am - 8pm on weekdays or 8.30am - 5pm on weekends and holidays.

0800 803 804

Business banking

We're available to help Monday to Friday, 8.30am to 5pm. For relationship managed accounts and new customers, please call 0800 272 222. For existing Business Centre customers, please call 0800 272 287 (or overseas +64 9 300 7447), to contact our regional team of specialists.

Alternatively you can email mybusinessbanker@asb.co.nz.