Payments NZ, a New Zealand payments governance organization, recently announced the release of its first API standards. The first two standards are the Payment Initiation specification and the Account Information specification. Both are open payment standards related to New Zealand's Payments Direction program.
"Payments NZ has been working with the industry to understand and prepare for a more open future in payments," Payment NZ Chief Executive, Steve Wiggins, commented in a press release. "Over the past year, we've been working on a shared API framework and pilot to bring common API standards and an API standards ecosystem to life. The objective of this work is to make it easier for organizations to partner using standards, so they can bring financial services innovation to market more simply and quickly."
The Payment Initiation specification allows registered third parties to set up and make electronic payments. The payments are made by connecting customers directly to banks. With the customer's consent, a third party API provider creates a payment resource for the customer. The bank responds with an identifier for the resource. Check out the docs for v1.0 for more information.
The Account Information API connects a customer to their account holder (e.g. bank, financial institution, etc.) through a third party API provider. The process is handled through a standardized consent and permissions based system that keeps a record of permissions, dates, and other account basics. Check out the docs for v1.0 for more information.
The first release of both API specs are now available. Payments NZ worked with three banks (ASB, BNZ, and Westpac) and other third parties (Datacom, Paymark, and Trade Me) to pilot the APIs.