Payments NZ
Payments NZ is the governance organization for Aotearoa New Zealand's payment systems, operating four clearing systems processing NZ$8T+ annually and running the API Centre, which sets open banking standards used by 7 banks and 27 fintechs.
- Company typePrivate
- Founded2010
- HeadquartersWellington, New Zealand
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Payments NZ does
Payments NZ Limited is the designated governance organization for Aotearoa New Zealand's payment systems, founded in 2010 and headquartered in Wellington with 11-50 employees. The organization operates four core clearing systems — the Bulk Electronic Clearing System, Consumer Electronic Clearing System, High Value Clearing System, and Settlement Before Interchange arrangement — that together process more than NZ$8 trillion in inter-bank payments annually. Beyond clearing, Payments NZ runs the API Centre (launched May 2019), which develops and maintains open banking API standards covering Payment Initiation, Account Information, and Event Notification, along with supporting tooling such as a sandbox environment powered by Glueware's Open Banking Accelerator, a centralized Due Diligence Service, Customer Experience Guidelines, and the Ngā Tohu Ārahi Māori data sovereignty data handling guidelines. The ecosystem comprises 7 registered API Provider banks (ANZ, ASB, BNZ, Westpac, Kiwibank, Heartland, and others) covering over 90% of NZ banking customers, 27 Third Party Standards Users including Visa, Mastercard, Xero, and Yodlee, and 515+ Community Contributors.
The business model rests on three revenue streams: recurring annual Standards User membership fees paid by API Providers and Third Parties (with a 30% introductory offer historically used), a free Community Contributor tier that funnels individual developers into the Standards User pipeline, and a standards licensing arrangement with the Ministry of Business, Innovation and Employment (signed November 2025) that enables incorporation of API Centre standards by reference into regulation under the Customer and Product Data Act 2025. Go-to-market is industry-coordinated rather than sales-led: working groups (Business and Technical), an independent API Council, bilateral due diligence between participants, and a heavy events program (The Point biennial conference, The Hub, The Link, The Forum, plus Techweek webinars and Open Banking Showcases) drive adoption and ecosystem cohesion. The organization is led by CEO Steve Wiggins with Michael Ahie appointed Board Chair in May 2026; the Reserve Bank has signaled intent to designate the High Value Clearing System under the FMI Act 2021, deepening Payments NZ's regulatory entrenchment.
Payments NZ firmographics
Firmographics- Name
- Payments NZ
- Legal name
- Payments NZ Limited
- Website
- https://paymentsnz.co.nz
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Payments NZ is the governance organization for Aotearoa New Zealand's payment systems, operating four clearing systems processing NZ$8T+ annually and running the API Centre, which sets open banking standards used by 7 banks and 27 fintechs.
- Ownership category
- akta.pro rank
Payments NZ industry classification
Industry- Product category
- Payment System Governance and Open Banking Standards
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Real-Time Payments Clearing (Instant Payment Schemes) (FSABAJAI)
- akta.pro secondary industries
- A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)
Keywords
Where Payments NZ is headquartered
LocationHeadquarters
- HQ city
- Wellington
- HQ country
- New Zealand
- HQ region
- Oceania
Offices1 record
Markets served
Payments NZ business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- API Standards User Membership: Organizations join as API Standards Users (API Providers or Third Parties) with an annual fee structure. An introductory offer provided 30% off the annual fee for the first year for early adopters.
- Community Contributor Access: Free membership tier for individual developers and API practitioners to access sandbox and contribute to standards development. Community Contributors can progress to become Standards Users.
- Standards Licensing: Standards licensing agreement with the Ministry of Business, Innovation and Employment (MBIE) allowing the API Centre's standards to be incorporated by reference into regulation under the Customer and Product Data Act 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Community Contributor - Free tier for individual developers and API practitioners |
| Subscription | Annual | API Standards User - Paid membership for API Providers and Third Parties |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels11 records
Payments NZ product offering
Product offeringCore offering
Payments NZ is the governance organisation for Aotearoa New Zealand's payment systems, operating four clearing systems (Bulk Electronic Clearing System, Consumer Electronic Clearing System, High Value Clearing System, and Settlement Before Interchange) that process more than $8 trillion in inter-bank payments annually. Through its API Centre launched in May 2019, it develops and maintains open banking API standards (Payment Initiation, Account Information, Event Notification) and provides a sandbox, due diligence service, customer experience guidelines, and data handling guidelines to banks, fintechs, and developers.
Product overview
Payments NZ is the governance organisation for Aotearoa New Zealand's payment systems, operating a platform-plus-services model. The core offering consists of four clearing systems (Bulk Electronic Clearing System, Consumer Electronic Clearing System, High Value Clearing System, and Settlement Before Interchange) that process over $8 trillion in inter-bank payments annually. The API Centre platform provides open banking API standards (Payment Initiation, Account Information, and Event Notification APIs) along with supporting tools including a sandbox environment, Customer Experience Guidelines, Due Diligence Service, and Data Handling Guidelines. Additional services include Industry Registers (Bank Branch and Device), Payments Direction strategic initiative, and event programmes (The Point conference, The Hub, The Link, The Forum). The Connect portal provides members-only access to resources. The ecosystem includes 7 registered API Providers (banks) and 27 registered Third Parties using the API standards.
Differentiator
Problem solved
Functional benefit
Brands
- API Centre: A division of Payments NZ that develops and manages open banking API standards and protocols for Aotearoa New Zealand, providing frameworks, standards, and tools for secure data sharing in the financial ecosystem.
- The Point
- The Hub
- The Link
- The Forum
Products and services
- Bulk Electronic Clearing System (BECS) Core batch payment clearing system for high-volume, lower-priority electronic payments between banks, part of Payments NZ's clearing infrastructure supporting inter-bank payments exceeding $8 trillion annually.
- Consumer Electronic Clearing System (CECS) Clearing system for consumer-facing electronic payment transactions, part of Payments NZ's clearing infrastructure.
- High Value Clearing System (HVCS) Clearing system for high-value payment transactions between banks, operating through SWIFT infrastructure; intended for designation under the Financial Market Infrastructures Act 2021.
- Settlement Before Interchange (SBI) Payment system arrangement where settlement occurs before interchange processing, governed by Payments NZ.
- API Centre Central coordinating service accelerating open banking and data sharing in Aotearoa. Provides frameworks, standards, and tools enabling secure, seamless, and customer-focused innovation across the financial ecosystem; manages Payment Initiation, Account Information, and Event Notification API standards.
- Payment Initiation API Standard Open banking API standard enabling consumers to set up and make electronic payments by connecting directly and safely through a registered third party to a registered API Provider.
- Account Information API Standard Open banking API standard enabling customers, with their consent, to share account balances and transaction histories across online bank accounts (including credit card information) with approved third party services.
- Event Notification API Standard API standard enabling two-way notifications for consent status changes and other events between API Providers and Third Parties.
- API Centre Sandbox Free sandbox environment powered by Glueware's Open Banking Accelerator, enabling developers and ecosystem partners to test and experiment securely with open banking API standards.
- Due Diligence Service Centralised service streamlining the partnering process between Third Parties and API Providers by reducing duplication in due diligence assessments.
- Ngā Tohu Ārahi – API Centre Data Handling Guidelines Data handling guidelines based on Māori Data Sovereignty and Governance principles, providing a universal framework for Third Parties and permitted users to align data practices with good data governance.
- Payments Direction Strategic workstream shaping the future of payment systems in Aotearoa, exploring faster, data-rich, and always-on payments to meet needs of people, businesses, and the economy.
- Industry Registers Industry registries including the Bank Branch Register and Device Register, maintained consistent with payment system governance.
Quantifiable outcome
- $8 trillion+ in annual inter-bank payments processed through clearing systems
- +3 more outcomes
Companies that use Payments NZ
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles4 records
Payments NZ technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature8 records
Payments NZ partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered minor and core.
- Nicholson ConsultingminorMāori data scientists who partnered with the API Centre to develop Ngā Tohu Ārahi data handling guidelines based on Māori Data Sovereignty and Governance principles.
- Ministry of Business, Innovation and Employment (MBIE)coreStandards licensing agreement signed in November 2025 allowing MBIE to incorporate API Centre standards by reference into regulation under the Customer and Product Data Act 2025. This ensures continuity of the regulatory framework for open banking.
- API Council Independent MemberscoreIndependent members of the API Council include Terese Tunnicliffe (Chair), Jessica Venning-Bryan, and Payments NZ Board Chair Jim Quinn. They provide governance oversight and strategic direction for the API Centre.
- ANZcoreANZ is a registered API Provider (bank) and Standards User in the API Centre ecosystem. One of the four largest banks required to implement API Centre open banking standards under the Minimum Open Banking Implementation Plan. ANZ participates in open banking showcases and panel discussions.
- ASBcoreASB is a registered API Provider (bank) and Standards User. ASB was among the first banks to offer APIs built to the v1.0 Payment Initiation standard and continues to participate actively in standards development and ecosystem events.
- BNZcoreBNZ is a registered API Provider (bank) and Standards User. BNZ was among the first banks to offer APIs built to the v1.0 Payment Initiation standard and contributes to API Council and working groups.
- WestpaccoreWestpac is a registered API Provider (bank) and Standards User in the API Centre ecosystem. One of the four largest banks required to implement API Centre standards.
- KiwibankcoreKiwibank is a registered API Provider (bank) and Standards User. Expected to deliver equivalency with the other four major banks during 2026 for Payment Initiation and Account Information standards.
- AkahucoreAkahu is a registered Third Party Standards User and open banking connectivity platform. CEO Josh Daniell participates in API Centre panels and discussions.
- XerocoreXero is a registered Third Party Standards User providing accounting and financial management software integration with open banking.
- Reserve Bank of New Zealand (RBNZ)coreThe Reserve Bank oversees payment system regulation. It has indicated intent to designate Payments NZ's High Value Clearing System under the Financial Market Infrastructures Act 2021, which would subject it to FMI Standard 17C on cyber resilience.
- Glueware / Middleware NZcoreMiddleware NZ provides the technology infrastructure for the API Centre sandbox, powered by Glueware's Open Banking Accelerator. This enables developers to test innovations against industry API standards in a secure environment.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
Payments NZ competitors and assessment
Company assessmentDirect peers
- Pay.UK: Pay.UK operates the UK's core retail payment infrastructure (Bacs, Faster Payments, cheques) and sets associated standards — a near-identical governance/clearing mandate to Payments NZ but at much greater UK scale.
- The Clearing House (US): The Clearing House operates the RTP real-time payments network in the US and is owned by major commercial banks; directly comparable in operating real-time/high-value inter-bank payment clearing infrastructure.
- Monetary Authority of Singapore (MAS): MAS drives Singapore's open banking API framework and payment infrastructure modernisation; comparable function as regulator/standards-setter shaping national open banking rails.
- FDX (Financial Data Exchange): FDX is the US-based industry body that develops the FDX API standard for financial data sharing across banks, fintechs and data aggregators; analogous role to Payments NZ's API Centre Account Information API Standard.
- National Payments Corporation of India (NPCI): NPCI is the umbrella organisation for India's retail payments (UPI, IMPS, RuPay) and develops API/standards frameworks; it is a leading global parallel to Payments NZ as a national payments governance and standards body.
- Australian Competition and Consumer Commission (CDR): ACCC administers Australia's Consumer Data Right, the regulatory counterpart to NZ's Customer and Product Data Act 2025; highly comparable as a national consumer-data-rights implementation body governing open banking-style data sharing.
- UK Open Banking Limited: UK Open Banking Limited is the UK implementation entity for open banking API standards, successor to OBIE; the closest functional peer to Payments NZ's API Centre, governing PSD2-style open banking rails.
Broad incumbents
- Plaid: Plaid is a leading global financial data connectivity platform used by thousands of fintechs to access bank account data; broader private-sector incumbent in the space where Payments NZ's open banking Third Parties operate.
Others
- Reserve Bank of New Zealand: RBNZ is the regulator that oversees Payments NZ and intends to designate its High Value Clearing System under the FMI Act; not a peer but the primary supervisory authority shaping Payments NZ's operating environment.
Emerging players
- TrueLayer: TrueLayer is a UK/Europe open banking API platform enabling payment initiation and account information connectivity; an emerging private-sector alternative/participant in the same open banking rails Payments NZ standardises.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Payments NZ social profiles
Digital presencePayments NZ financial estimates
Financial estimateRevenue estimate
Valuation estimate
Payments NZ leadership team
Management profileNumber of profiles
Profiles6 records
Payments NZ funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Payments NZ M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Payments NZ
What does Payments NZ do?
Payments NZ is the governance organisation for Aotearoa New Zealand's payment systems, operating four clearing systems (Bulk Electronic Clearing System, Consumer Electronic Clearing System, High Value Clearing System, and Settlement Before Interchange) that process more than $8 trillion in inter-bank payments annually. Through its API Centre launched in May 2019, it develops and maintains open banking API standards (Payment Initiation, Account Information, Event Notification) and provides a sandbox, due diligence service, customer experience guidelines, and data handling guidelines to banks, fintechs, and developers.
Is Payments NZ a public or private company?
Payments NZ is a private company. It is classified as management employee owned and is currently operating.
When was Payments NZ founded?
Payments NZ was founded in 2010. It employs 11 to 50 people.
Where is Payments NZ based?
Payments NZ is headquartered in Wellington, New Zealand, in the Oceania region.
How does Payments NZ make money?
Three revenue lines are on record. API Standards User Membership is the primary driver. The others are community Contributor Access and standards Licensing.
Who are Payments NZ's main competitors?
Direct peers on record are Pay.UK, The Clearing House (US), Monetary Authority of Singapore (MAS), FDX (Financial Data Exchange), National Payments Corporation of India (NPCI), Australian Competition and Consumer Commission (CDR) and UK Open Banking Limited. Plaid is listed as a broad incumbent. Reserve Bank of New Zealand is listed as an others. TrueLayer is listed as an emerging player.
Does Payments NZ have an API?
Yes. The API Centre provides open banking API standards for Aotearoa New Zealand, enabling secure data sharing between banks and third parties. Available standards include Payment Initiation API standard (enables electronic payments through third parties), Account Information API standard (enables sharing of account balances and transaction histories), and Event Notification API standard. The sandbox environment is powered by Glueware's Open Banking Accelerator and allows developers to test innovations against industry API standards. Developer documentation is at www.apicentre.paymentsnz.co.nz/standards.
What industry is Payments NZ in?
Payments NZ's product category is Payment System Governance and Open Banking Standards. Its primary akta.pro industry code is FSABAJAI, Real-Time Payments Clearing (Instant Payment Schemes), with a secondary code of FSAMAFAF, A2A Checkout & Merchant Acceptance Solutions. Its NAICS code is 52232 and its SIC code is 6199.