Payments NZ is the authority on payment systems in New Zealand. We manage and govern four of New Zealand’s core payment clearing systems in coordination with the industry to ensure payments are simple and secure for Kiwis and to enable a strong self-regulatory and innovative payments environment.
Payments NZ was established in 2010 by eight banks, with support of the Reserve Bank, with a mandate to open access to and preserve the integrity of New Zealand’s payments system. Our eight shareholder banks are ANZ, ASB, BNZ, Citibank, HSBC, Kiwibank, TSB and Westpac.
For more information about the establishment of Payments NZ, a history of payments regulation in New Zealand and how other payments regimes around the world are structured, you can read our Evolution of payments regulation in New Zealand paper.
Our Participants are financial institutions that have joined one or more of our four payment clearing systems in order to leverage our clearing system infrastructure to efficiently and safely exchange payments directly with other Participants.
Our Members are payments ecosystem organisations that have joined our membership programme and want to be actively involved in the ongoing development and strategic direction of our payments system. We offer three levels of membership to cater for the different types of ecosystem organisations.
Our Board has 11 Directors made up of an Independent Chair, two further Independent Directors and a Director appointed from each shareholder organisation.
Payments NZ is a limited liability company.
Our role is to:
One of the core functions of our business is to develop and manage the rules and standards for four payment clearing systems:
These clearing systems cover the range of different payments methods used in New Zealand and the rules and standards set out, amongst other things, the requirements for how financial institutions process payments through the clearing systems. The rules and standards enable standardisation for the way transactions are made between financial institutions and with their customers.
One of our roles is to encourage organisations that are eligible to join the clearing systems as Direct Settlement Participants and to facilitate the application process.
Another of our core functions is to lead projects and facilitate industry discussions that promotes interoperable, innovative, safe, open and efficient payment systems. Strategic and operational programmes and projects are set out in a work programme annually and we facilitate regular industry forums and discussions.
Throughout the year we coordinate and facilitate Management Committee meetings for the clearing systems, project and programme working group meetings and strategic forums. We also run industry-wide networking events including The Hub, Women In Payments evenings and our premier biennial conference The Point.
We are committed to ensuring everyone in New Zealand has complete confidence in our payments system, both now and into the future.