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.
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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 on a merchant's mobile website or app using the ASB Mobile Banking app.
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You can give organisations such as a mortgage broker, accounting applications or personal finance management apps, permission to access your data. This can be done through our ASB Mobile app.
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.
Make a payment via Open Banking
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.
Share Account Information via Open Banking
You can choose to seamlessly share your account information with a third party, for example your account balance and transaction history through the ASB Mobile app.
Steps you'll take
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 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, your default account will be selected, but you can easily change to one of your other accounts 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 merchant's mobile website.
Share information via Open Banking
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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.
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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.
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You'll be taken to the ASB Mobile app to verify your identity by logging in as you normally do.
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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 for.
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Once you've given your approval, the third party will receive access to your data and confirm this.
Is Open Banking safe?
Safety and security are always top of mind when we consider new banking options for you - our customers - and for us as a bank. So, how do you know that Open Banking is safe?
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Industry level standards: Industry level standards are in place to govern the interaction between the customer, the bank and the third party. Only organisations who fulfil the Payments New Zealand (PNZ) API Centre's access rules can become members.
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Bank level security: Third party service providers also need to undergo our comprehensive due diligence process. In every instance we will check the request is from an authorised source, and we will verify you through your log in to the ASB Mobile Banking app. ASB will never contact you by email or phone to ask you for your login details.
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It's your choice: It's up to you to decide whether you want to use the Open Banking payments option. It will also be up to you when, with whom and for how long you want to securely share data. We encourage you to always be vigilant when it comes to your money and personal data.
Our Partners
ASB have partnered with the organisations below.
Handy safety tips and links
Never share your log in details with anyone. If you're having trouble with Open Banking payments or sharing information, contact us directly.
Check out how to keep yourself safe online.
Familiarise yourself with the latest phishing and scams.
Stay wary of fake websites.
- For names of businesses or individuals to be wary of, visit the Financial Markets Authority website.
- Check the New Zealand Companies Register to see whether the company is registered in New Zealand to provide financial services.
- You can use the Financial Markets Authority website to do your due diligence on any suspicious websites.
- If you come across a website that is posing as an ASB page and you're unsure, type www.asb.co.nz directly into your browser and contact us through our details on our website.
Frequently Asked Questions
Where can I make Open Banking payments?
Can I make Open Banking payments via web browser?
Can I control Open Banking payments?
What types of accounts can be used for Open Banking?
What do I do if there is a problem with an Open Banking payment?
How is my data protected and how do I know what I am sharing?
Will I be charged for using Open Banking payments or data sharing?
I'm a business owner who'd like to offer open banking payments/ account information sharing capabilities to our mutual customers. How can I do this?
How quickly are Open Banking payments processed?
Does Open Banking work with screen readers?
I want to integrate with one of ASB's partners, how do I do that?
What types of errors might occur while making an Open Banking payment?
Where can I find the privacy information for Open Banking?
How do I view, edit or delete account information sharing consent I have given?
We're here to help
Personal banking
Send us a secure message using Josie the Chatbot via the ASB Mobile app. Josie can answer more questions than ever and if needed will pass you onto a team member.
Our Contact Centre is open 8am - 8pm on weekdays or 8.30am - 5pm on weekends and holidays.
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.
ASB Bank Limited's terms apply. Third Party partner terms apply. Please refer to the Open Banking Privacy Statement and Mobile Banking Terms and Conditions including Open Banking.
