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Payment systems review

The Reserve Bank of New Zealand (RBNZ) has undertaken a thorough review of a number of high value settlement systems that it owns and operates, including the NZClear and ESAS.

Chief Financial Officer Mike Wolyncewicz said that the review is in anticipation of substantial upgrades expected to be effected over the next two to four years.

He said that Ernst and Young has been appointed to assist with the review and recommend a strategy for the development of payment and settlement services.

“The last significant upgrade to the application software for ESAS and NZClear was six years ago, and since then, technology has changed markedly. The Bank will assess market requirements, consider alternatives for service delivery, and seek input from users. It will then develop a strategy to ensure that settlement systems remain fit for purpose,” he said.

Wide scope

Mr Wolyncewicz said that through Ernst and Young, RBNZ will consult with ESAS account holders, NZClear members and industry bodies, early next year.

“The scope of the review will include an assessment of industry trends and requirements, international trends, the range of payments and settlement services that the Bank provides now and would be required to provide in the future, and how those services are best delivered,” he said

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