Payments NZ doesn’t own or operate payments infrastructure, we manage clearing systems that govern how payments are exchanged and settled between financial institutions in New Zealand efficiently and securely.

These clearing systems are governed by rules, standards and procedures that we develop and manage with financial institutions who are Participants of the systems. The rules, standards and procedures set out the requirements for participation and how payments are processed. They also provide standardisation for the way transactions are made between Participants and their customers.

We manage four clearing systems which are defined by payment type, these clearing systems cover the range of different payments methods used in New Zealand:

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Bulk Electronic Clearing System (BECS)

BECS governs how direct debits, automatic payments, bill payments, and direct credits.

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Consumer Electronic Clearing System

CECS governs how consumer payments work, such as EFTPOS payments and mobile payments.

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High Value Clearing System

HVCS governs large payments that cannot be reversed, such as property settlements.

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Paper Clearing System

PCS governs how all paper-based payment instruments work, such as cheques.

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Financial institutions join one or more of these clearing systems so they can exchange those payment types directly with other Participants of the system. 

Each clearing system is managed by a Management Committee made up of subject matter experts from each of the Participants in that clearing system. Payments NZ facilitates and supports the operation of the Management Committees. 

We also administer the Settlement Before Interchange (SBI) system. SBI is a SWIFT-based system BECS, CECS and PCS Participants use to settle and interchange payment transaction files multiple times throughout each business day.

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Settlement Before Interchange

SBI is a payment settlement and interchange system used by our BECS, CECS and PCS Participants.

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In this section

Bulk Electronic Clearing System

BECS governs how direct debits, automatic payments, bill payments, and direct credits work.

Read more  

Consumer Electronic Clearing System

CECS governs how consumer payments work, such as EFTPOS payments and mobile payments.

Read more  

High Value Clearing System

HVCS governs large payments that cannot be reversed, such as property settlements.

Read more  

Paper Clearing System

PCS governs how all paper-based payment instruments work, such as cheques.

Read more  

Settlement Before Interchange

SBI is a payment settlement and interchange system used by our BECS, CECS and PCS Participants.

Read more