For myRent customers, this is an important update because bank connections are used to help manage rental payments, reconcile rent received, and keep tenancy records accurate.
What is open banking?
Open banking allows you to securely connect your bank account to trusted third-party services, with your permission.
Instead of relying on older connection methods, open banking uses regulated banking APIs. In simple terms, this means your bank can share approved information, or allow certain payment actions, through a secure and standardised system.
You stay in control. You choose what to connect, what information is shared, and you can remove access when it is no longer needed.
Why is this happening?
New Zealand is introducing open banking through new Consumer Data Right laws, starting with the banking sector.
The purpose is to give people more control over their own financial data, while encouraging safer, more consistent and more innovative digital services.
The change is designed to make it easier for customers to use financial services that rely on accurate bank data, while reducing reliance on older, less standardised ways of connecting accounts.
Why this is a positive change
Open banking should make account connections more secure, transparent and reliable over time.
For customers, the benefits include:
- Better control over who can access your banking information.
- Clearer consent when connecting an account.
- More secure data sharing through regulated banking systems.
- Easier use of digital tools that help with payments, reconciliation and financial records.
- More competition and innovation in financial services.
For landlords and property owners using myRent, good banking connections help make rental management smoother. When rent payments are easier to track and reconcile, it reduces admin, improves record keeping and helps avoid confusion later.
myRent’s experience with Akahu
myRent has used Akahu for bank account connections, and we have genuinely valued the partnership.
Akahu has played an important role in New Zealand’s open finance space, helping businesses like myRent provide practical banking features to customers in a way that is simple and easy to use.
For myRent customers, this has meant landlords can connect their bank account and have rental payments automatically matched against their tenancy records, instead of manually checking and updating everything themselves.
This has been a valuable part of the myRent platform and has helped many customers save time managing their tenancies.
What is changing now?
Akahu is moving bank connections from older “classic” connections to official bank connections for ANZ, ASB, BNZ and Westpac.
These official connections use New Zealand’s new regulated open banking system. This is a positive change for customers, as official connections are designed to be more secure, more standardised and more transparent, with customers giving consent directly through their bank.
Older classic connections for major banks are being phased out and are expected to become inactive in the coming weeks.
Why do myRent customers need to update their connection?
If you manage your tenancy through myRent and use a connected bank account, your connection may need to be updated.
If your bank connection is not updated before classic connections are switched off, this may affect automatic rent tracking and reconciliation in your myRent account.
We recommend updating your connection now rather than waiting until the final deadline.
What do myRent customers need to do?
If your bank connection needs to be updated, you will see prompts in your myRent account.
Simply log in, follow the prompts, and reconnect your bank account using the official connection option.
The process should only take a few minutes. If you are unsure what to do, or need help, please reach out to the myRent team and we can assist.
Official connections are currently available for ANZ, ASB, BNZ and Westpac, with Kiwibank expected to become available soon.
The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice, you should seek independent legal counsel. myRent.co.nz does not accept any liability that may arise from the use of this information.
