The future importance of interoperability for economic recovery

Tuesday 13 October, 9.00am - 10.15am 

New Zealand’s payments system is interoperable, secure, and efficient which means Kiwis can rely on it to ensure their money gets to where it needs to go. Interoperability in payments is crucial to ensure the smooth operation of the system and the economy, but it is a network that needs continued innovation and investment.

In this session we talked about how the industry should respond to new and evolving expectations for how Kiwis want to make and receive payments. How do we get the right level of innovation to ensure payment networks remain interoperable and are resilient against a rapidly transforming landscape? What capabilities would we need for the desired payments system of the future and why? And how does payments interoperability lay a solid foundation for New Zealand’s payments system and networks as we head towards economic recovery?

Our opening speaker was Geoff Bascand from the Reserve Bank of New Zealand (RBNZ). The COVID-19 pandemic highlighted the importance of a sound and efficient financial system that is able to respond to serious shocks and disruption. Geoff discussed the RBNZ’s renewed focus on payments systems, with an emphasis on the regulatory and supervisory regime established by the Financial Market Infrastructures (FMI) bill, and their appointment as chair of the Executives Meeting of Asia-Pacific Central Banks (EMEAP) working group.

He was followed by Julie Bolan, SWIFT’s Head of Payments Markets Oceania. The world has embraced new waves of digitisation intensified by the exceptional challenge of a global pandemic. New competition, propelled by innovative technology has disrupted the payments business and, in a global economy, the ability to seamlessly and quickly move value across borders is expected. Julie talked about how payments should be instant, frictionless and transparent, with global interoperability. She also talked about how payment processes underpinned by end-to-end integrity, predictability and smarter data to improve automation will enable the delivery of mutualised services for their customers. SWIFT was our Principal Sponsor of The Hub online series.

Following SWIFT's presentation, our GM of Strategy and Corporate Affairs, Jane Retimana, then provided an overview of our Payments Modernisation Plan discussion document and talked about how the industry could get involved in the next steps of the plan’s development.

Programme overview

09.00am - 10.15am The future importance of interoperability for economic recovery
09.00am - 9.05am Opening and welcome
Jane Retimana, GM Strategy and Corporate Affairs, Payments NZ
9.05am - 9.40am Local speaker
Geoff Bascand, Deputy Governor/General Manager Financial Stability, Reserve Bank of New Zealand (RBNZ)
9.40am - 10.00am International speaker
Julie Bolan, Head of Payments Markets, Oceania, SWIFT
10.00am - 10.10am Local speaker
Jane Retimana, GM Strategy and Corporate Affairs, Payments NZ
10.10am - 10.15am Closing remarks
Jane Retimana, GM Strategy and Corporate Affairs, Payments NZ