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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Finance

NZ workers fret over lack of job opportunities, job security: index

Staff reporters 10:00am

The Quiz Free

QuiznessDesk, Wednesday, Sept 24

Can you get them all correct without cheating?

The Quizmaster 9:15am

Opinion

Dileepa Fonseka: Fear, panic and a sour mood in the boardroom

Strong on the world stage, the PM’s weaknesses at home are hurting him.

Dileepa Fonseka 6:00am

Fear, panic and a sour mood in the boardroom

Sponsored

AI agents: opportunity or graveyard? Spark’s five-point playbook for success

Artificial intelligence agents – autonomous digital entities that analyse data, automate decisions, and act independently – are set to drive a new wave of business transformation.

Spark Enterprise

Sponsored