Non-bank access to Reserve Bank payments system in prospect

The Reserve Bank is keeping an open mind on who it will let into its most secure financial tent. (Image: Depositphotos)

Fri, 16 Jun 2023

Building societies, credit unions and automatic teller machine operators may all be added to the inner sanctum of the Reserve Bank of New Zealand’s payments and settlements system, depending on the outcome of a consultation launched on Thursday.The central bank is seeking submissions on whether the exchange settlement account system (ESAS) could be opened up to a wider range of financial services providers than at present.The ESAS is used by both the central bank itself and the registered trading banks to undertake “final and irrevo...

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