
Westpac NZ Supports Open Banking Rollout By Not Charging Fintechs For Standard API Calls
'Allowing fintechs to integrate into our open banking APIs for no cost should create a more affordable business model for them, and ultimately speed up access for Kiwi consumers to a wide range of affordable open banking experiences,' Westpac NZ Chief Information Officer Russell Jones says.
'As an early participant in Online EFTPOS from 2019, we understand the value of providing consumers with more options for making payments and managing their money in a safe and secure way.
'We already have agreements in place with a number of fintechs, and we've notified them of their reduced pricing, which we'll review in 12 months' time as the open banking landscape evolves. We expect to enter into agreements with a number of new fintechs in the near future.
'We're already facilitating thousands of open banking payments a month for Kiwi consumers, and we expect that to keep growing steadily as trust and awareness of open banking grows.'
Mr Jones says an industry-wide collaborative approach is needed to make open banking a success.
'We're keen to ensure New Zealand's open banking ecosystem is viable in the long term and we hope to see it expand to include all financial services participants.
'We look forward to MBIE releasing the central accreditation model, which will further streamline the onboarding experience by removing the need for fintechs to enter into multiple bilateral agreements with open banking providers.
'Consumer confidence is also key to the successful uptake of open banking, and we continue to work with the industry on future API standards that are safe and secure, as well as providing a seamless and efficient partnering process with third parties that creates trust in the system.
'From an operational perspective, we're on track to meet the 30 May deadline for Payments NZ's API Centre Payment Initiation implementation plan version 2.3. This will give customers increased functionality and choice for making both one-off and regular ongoing payments.'
More information about Westpac's open banking work can be found on its website, including a list of current integrated third-party providers.
Earlier this month, the government released guidance that bank charges for open banking must not exceed 1 cent per successful API call for account information and 5 cents per transaction for payments.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


NZ Herald
12 hours ago
- NZ Herald
Rate-cut reality check - too little, too late: Nick Stewart
Higher starting debt, unfavourable interest rates, adverse growth trends and long-term pressures from aging and climate change are converging into a perfect storm. Despite claims of $44 billion in savings, the Government has reallocated spending rather than shrinking it. It's hard for hope not to fade when our government appears to lack the mettle to take the bull by the horns. The 'price of butter' facade may have fooled some, but not many. Butter is a product that hasn't changed in eons – full cream milk, add salt and churn. No smoke and mirrors or PR spin, just butter. Yet politicians obsess over its retail pricing while avoiding hard decisions on fiscal consolidation that might actually address underlying inflation pressures. The great capital migration Capital flows as freely as people in an interconnected world. Just as 230,000 Kiwis have voted with their feet over two years seeking better opportunities offshore, smart money increasingly looks beyond our borders for superior returns. The recent emigration shows a damning verdict on New Zealand's economic trajectory. These are productive citizens, who see limited prospects in a country determined to tax productivity whilst subsidising speculation. Human capital flight and financial capital mobility share parallels –both respond to incentives and seek the best risk-adjusted returns. Housing market dysfunction remains Our housing market remains in purgatory, with prices stubbornly elevated while transaction volumes are sluggish. Latest data shows 'days to sell' extending and prices slipping nationally for six of the past seven months. Wednesday's modest rate cut is unlikely to break this deadlock. Young Kiwis are emigrating, recognising their homeownership prospects have been systematically destroyed by policies prioritising incumbent wealth over economic dynamism. The social contract promising hard work would lead to homeownership has been broken: 72% of Kiwis without a home believe buying a property is beyond their reach. Yet, many Kiwis remain dangerously over-exposed to residential real estate. Rethinking investment The traditional Kiwi approach of leveraging into property and hoping for the best is dangerous where house prices may stagnate while debt service costs remain higher. Global equity markets continue to climb, with the S&P 500 delivering 5-year annualised returns of 15.71%. Meanwhile, New Zealand's NZX50 has delivered a dismal 1.8% annualised return over the same period. The performance gap is devastating. A $100,000 investment in the S&P 500 over five years would have grown to $208,000, versus approximately $109,000 in the NZX50. This $99,000 difference is a documented reality for investors who remained domestically focused while global opportunities compounded wealth at dramatically higher rates. Complexity extends beyond simple asset allocation. Tax implications vary dramatically between domestic and international investments. Currency hedging decisions can make or break returns. Liquidity needs must account for potential emigration scenarios – a consideration rational investors now embrace. Economic crossroads ahead New Zealand stands at an economic crossroads between fiscal irresponsibility leading to Japanese-style stagnation, or making hard decisions to restore economic dynamism. Next Wednesday's timid rate cut suggests we're choosing the former. For investors, the message is clear: adapt or suffer consequences. Capital, like talent, flows to where it's best treated. The 230,000 Kiwis who've recognised this reality are canaries in the coal mine. Smart investors should ensure their wealth enjoys the same mobility their fellow citizens have embraced. The coming rate cut won't be cause for celebration – it will be a symptom of deeper malaise and policy impotence facing structural decline. - Nick Stewart's iwi affiliations are Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha).


Scoop
13 hours ago
- Scoop
Best Artificial Grass Suppliers In New Zealand: Our Top 3
Press Release: Looking for the best artificial grass in New Zealand but not sure who to trust? This guide breaks down what matters, who does it well, and how to choose the right turf for your space. We focus on suppliers with proven results in Auckland and New Zealand wide, so you can skip the guesswork and get straight to a better lawn. Start by thinking about how the area will be used. For family backyards, look for soft fibres, good drainage, and UV stabilised yarns that handle New Zealand's weather. For pets, choose perforated backing and infill that controls odour. For sport and play, impact layers and line markings improve safety and performance. Installation quality is just as important as the product. The best suppliers specify base prep, edging, and joins properly, then stand behind their work with clear warranties and aftercare. We also suggest checking sample pieces in natural light, asking about pile height and stitch rate, and confirming that the product is tested for UV stability. You will see terms like polyethylene, polypropylene, and nylon. Each yarn type behaves differently for softness, resilience, and heat. A good team will match the product to your use case rather than pushing a one-size-fits-all fake grass. Below are the three suppliers we rate highly for quality, reliability, and service. The top spot goes to Urban Turf Solutions, our best overall choice and by far the strongest option for residential projects across Auckland and New Zealand. Top 3 Artificial Grass Suppliers in New Zealand 1) Urban Turf Solutions — Best Overall, Best for Residential Address: 42b Porana Road, Wairau Valley, Auckland 0627 Phone: 0508 872 268 Email: info@ Website: Why Choose Urban Turf Solutions? Urban Turf Solutions is a New Zealand owned and operated supplier with manufacturing on the Gold Coast. The range covers landscaping lawns, sports fields, playgrounds, rooftops, and commercial spaces, with products designed for local conditions. They are the standout pick for home projects thanks to realistic appearance, dependable installs, and a large approved installer network. From family backyards to Maraetai Tennis Club and even Eden Park, their track record is broad and proven. 2) TigerTurf NZ Ltd Address: 384 Neilson Street, Penrose (Onehunga), Auckland 1061 Phone: 0800 804 134 or +64 9 634 4134 Email: NZinfo@ Why Choose TigerTurf NZ? TigerTurf brings decades of experience across sports, playgrounds, and landscaping. They deliver consistent quality for residential and large commercial projects, with strong technical support and proven systems. 3) SmartGrass NZ Phone: 0800 887 369 Email: hello@ Why Choose SmartGrass NZ? SmartGrass focuses on ultra-realistic landscaping turf that suits Kiwi homes. It is pet friendly, kid safe, and weather ready. With national coverage and solid warranties, they are a reliable pick for tidy, low-maintenance spaces. How to Choose the Right Artificial Grass in NZ Match the turf to the use. For everyday family lawns, a medium pile height, soft polyethylene fibres, and a dense stitch rate feel great underfoot. Busy entertaining areas near decks or pools benefit from shorter, firmer piles that brush up easily and dry fast. For high-traffic paths, look for resilience ratings and consider a shockpad if you want extra comfort. Ask for samples and see them outside. Colours shift in sunlight. Place samples next to natural planting and paving, and check pile direction. A quick brush with a stiff broom will show how the fibres recover. Check UV stabilisation and backing. New Zealand sun is harsh, so UV stabilised yarns are essential. Perforated backings and the right sub-base prevent puddling. For pets, a free-draining base and appropriate infill help manage odour. Installation quality matters. A good installer will confirm base depth and compaction, screed levels for drainage, neat edging, and tight joins. Ask to see recent jobs in Auckland or in a similar climate. Request written warranties for both product and workmanship. Maintenance is simple but important. Artificial lawns are low maintenance, not no maintenance. Plan for periodic brushing to lift fibres, leaf blowing to keep debris off, and occasional rinsing. High-use areas may need infill top ups over time. Environmental notes. Choose suppliers that source high quality, long lasting yarns. Longevity reduces replacement frequency. Some systems support organic or TPE infills. Collecting runoff during cleaning helps keep gardens tidy. Budgeting without surprises. Final cost depends on access, base preparation, edges, and the turf you choose. Ask for an itemised quote that covers excavation, base layers, edging, turf, joins, infill, and clean-up. Comparing like-for-like stops cheap quotes hiding thin bases or light products. Why Urban Turf often wins for homes. For residential work, you want a lawn that looks natural, feels soft, drains quickly, and holds up to everyday life. Urban Turf Solutions pairs a broad product range with local knowledge and an extensive approved installer network New Zealand wide, which makes getting a consistent finish much easier. Their experience across everything from small courtyards to premium sports venues shows in the details that homeowners notice every day. Quick checklist before you buy Have you seen real-world installs, ideally nearby in Auckland or your region Do you have samples viewed in natural light and brushed in both directions Is the product UV stabilised and backed by clear warranty terms Has the installer specified base depth, edging, and joins in writing Do you understand the aftercare plan and maintenance schedule Choosing well means you get a lawn that looks great year round, stays tidy through wet winters and hot summers, and frees up your weekends. If you want the safest pick for homes and rentals, Urban Turf Solutions is our first call. For sport, schools, and large commercial projects, TigerTurf and SmartGrass round out a strong New Zealand wide lineup of artificial grass experts.

1News
a day ago
- 1News
Bakery and owner convicted of immigration, employment breaches
The owner of a bakery in the Bay of Plenty town of Murupara and his company have been convicted, fined and ordered to make emotional harm payments for breaching immigration and employment law in relation to migrant workers. Ratha Ny, the owner and director of R.S.X Limited – which traded as Bakehouse Café – pleaded guilty and was convicted in March 2025 of four charges of providing false or misleading information to Immigration New Zealand. The company also pleaded guilty and was convicted of six exploitation charges for serious breaches of employment law, including knowingly underpaying employees below the minimum wage, and failing to correctly pay holiday and related entitlements. Ny and his company appeared for sentencing in the Rotorua District Court yesterday. New Zealand Immigration said the court fined the company $150,000 for the six exploitation charges – and ordered it to pay $25,000 in emotional harm reparations, 10,000 each to two victims and $5,000 to a third. ADVERTISEMENT In addition, Ny's company paid $160,000 in minimum wage arrears to impacted workers prior to sentencing through an agreement met between Ny's counsel and a legal representative for the Ministry of Business, Innovation and Employment (MBIE). 'Altogether, the financial consequences for R.S.X Limited, including fines, reparations, and minimum wage arrears, amounted to $335,000.' Ny was sentenced to 10 months home detention on four counts of providing false and misleading information, which included one representative charge. MBIE general manager of immigration compliance and investigation Steve Watson said exploitation of temporary migrant workers—such as underpayment or excessive working hours—is unacceptable and a clear breach of New Zealand law. 'Exploitation is an issue that affects all of us. As well as affecting migrants directly, it's detrimental for legitimate businesses which are undercut by these practices, and to New Zealand's reputation as a fair place to work, live and do business. 'I acknowledge the migrant workers for bringing their case forward and shedding light on the unlawful way in which their employer was treating them.' Watson highlighted the significance of the emotional harm payments. ADVERTISEMENT 'It's rare for emotional harm payments to be awarded in these cases, so this outcome is a real win for the victims. It sends a strong message that the emotional toll of exploitation is being recognised and taken seriously.' Exploitation of temporary migrants or those working unlawfully is a criminal offence under Section 351 of the Immigration Act. Conviction can result in imprisonment for up to seven years and/or a fine of up to $100,000. Watson said this case is a positive example of the growing number of joint compliance investigations being carried out by Immigration Compliance and Investigations and the Labour Inspectorate. MBIE encouraged anyone who suspects workplace exploitation to report it immediately.