What is it?
The speeding up workstream was launched early 2018, and is currently in its very early stages. It is tasked with considering how we might enable both faster payments and faster access to funds.
Why are we looking at it?
In order to ensure our core payments system is able to deliver to changing customer expectations now and into the future, we are looking at ways to speed up the end-to-end payments experience for account to account transactions.
New Zealand’s payment system is already modern, fast and efficient. However, around the world there appears to be an increasing drive for faster payments as customer expectations shift and technology continues to advance. In many countries we are seeing a significant move toward real-time payment capabilities as aging payments infrastructure is replaced. In countries like New Zealand with modern batch-based systems, we are considering how we could improve the timeliness of our systems.
Where we’re currently at
The activities for this workstream are currently being scoped by an industry reference group. Once the activities have been scoped, they will be given to a working group who will undertake initial high level investigations into the opportunity before reporting back on the topic.