The Government will extend regulated open banking to business banking channels, allowing businesses to share their banking data with trusted third parties for services such as faster loan comparisons, automated accounting and real‑time cash‑flow management.

Commerce and Consumer Affairs Minister Scott Simpson and Small Business and Manufacturing Minister Chris Penk say the move is aimed squarely at small firms, where access to credit, cash‑flow visibility and admin burden are persistent constraints. The ministers point to overseas experience, including UK estimates that businesses using open banking tools save roughly 150 hours a year on routine financial tasks.

Since regulated open banking launched in December 2025, major banks have rolled out services to consumer channels, with fintechs beginning to offer new tools. Today’s step widens that to business accounts. Cabinet has also confirmed banks will not be required to enable regulated open banking for large corporates and institutions, citing limited demand and use cases overseas.

The practical upshot for smaller operators is the ability to consent to secure data sharing so lenders can assess performance more quickly, aggregate accounts across banks in one place, and automate reconciliation, invoicing and payment workflows. Ministers frame the changes as a way to boost competition and productivity by making it easier for businesses to compare products and reduce time on paperwork.

Key details still to come include implementation timelines for banks to enable business channels, how “trusted providers” will be vetted under the regulated framework, and the scope of services available at launch. It will also be important to see the rules around consent, liability and service levels, given the higher stakes associated with business payments and payroll.

The Government says easier access to open banking tools remains a priority, with further information on rollout expected from officials and industry in due course.