27 July 2023 – Here’s a brief update on payments related work:
New Zealand’s payments landscape should offer “reliable and efficient payments that better meet the evolving needs of all New Zealanders”, says the Council of Financial Regulators (CoFR) in a vision statement released today. Read CoFR’s media release and vision statement: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=8a0edfa23c&e=f3c68946f8
Here at the Reserve Bank of New Zealand – Te Pūtea Matua we’ve published a supporting position statement expressing concern that “New Zealand’s banking and payments industries have fallen behind internationally in making real-time payments possible between accounts held at different banks”. Our view is elaborated on in six points helping to drive our stakeholder engagement, monitoring, and regulatory approaches in the payments space. Read our real-time payments statement on the new payments policy page in the Future of Money – Te Moni Anamata section of our website.
A reminder that a first round of consultation for our Exchange Settlement Account System (ESAS) access review closes today (although we will consider any late submissions received next week). This consultation seeks feedback on the ESAS access Risk Assessment Framework (RAF) proposed to form part of our revised ESAS access policy and criteria. We plan to analyse feedback on the RAF and start consultation on a revised ESAS access policy by the end of September. We expect to announce the final policy before the end of the year, and to begin processing applications under the new policy from early 2024. Visit our consultation page. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=c6e85f096e&e=f3c68946f8
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