"The market will now have a common basis to deliver more new and improved payment solutions for Kiwis as the service evolves and the ecosystem grows."
Wiggins said it had about 90 parties which ranged from global players to start-ups looking at using the API standards.
Organisations who want to use them will have to sign up to the service for a fee which was yet to be finalised, Wiggins said.
The new initial standards would continue to be developed and more would also be launched over time, he added.
Darren Hopper, chief executive of eftpos provider Paymark, said the standards were the start of a move into a world where financial information was more accessible but in a secure way.
Hopper said access to the financial data would also require consumer consent and consumers would also control how long a company could do so.
"This isn't about another Google or Facebook getting access to personal data. It's about you remaining in control of the data."
Paymark has already used an API to enable online eftpos payments where consumers enter their mobile number into a retailer's website instead of credit card details.
The consumer then gets a notification in their banking app and authorises the payment.
Hopper said the service made it easier for people who didn't have a credit card or felt uncomfortable using their card for online payments.
Hopper said creating the standards was a move in the right direction but believed it needed to go faster and harder.
