Role
The API Council’s role is to foster and grow a self-governing API standards service, which will:
- improve system efficiency by reducing fragmentation,
- support new innovations being introduced more simply and quickly,
- specify implementation requirements (including timeframes) that are reasonable for API Providers to meet.
This role supports Payments NZ’s constitutional objective to promote interoperable, innovative, safe, open and efficient payments systems.
Responsibilities
The API Council’s responsibilities include:
- Developing, maintaining and publishing API standards.
- Monitoring the use and adoption of the API standards.
- Endorsing the annual API standards development plan.
- Developing and maintaining the Minimum Open Banking Implementation Plan.
- Monitoring and re-prioritising work and programme activities as required.
- Approving operations-related policies and agreements.
- Monitoring the performance of outsourced providers.
- Regular progress reporting to the Payments NZ Board.
Composition
Appointed by the Payments NZ Board, the API Council can have up to 15 members, including an independent chair. There is also a regulatory observer. The chair is responsible for representing the API Council to the Board as necessary. All members are required to act in the best interests of the API Centre.
The API Council has:
- Up to six registered API Providers.
- Up to six registered Third Parties.
- Three independent members, including the chair.
- One non-voting regulatory observer.
The three independent members can form an independent committee when required, to deal with sensitive matters and make recommendations to the Board.
Read about our current API Council members.