In this update, our last for 2019, we take the opportunity to reflect on what we've achieved as an industry this year, but also look to what's in store for the year ahead. We'll be back in the new year with another update in April.
Since our last update in August, we’ve been focusing on next steps for the programme. We’ll soon be checking back in with our industry working group on the scope of a range of identified new and existing strategic opportunities to prioritise where we’ll be concentrating our efforts next.
We’d like to thank all our Participant and Member organisations who have been involved with the programme this year.
Our Management Committees have worked hard throughout the year to ensure we keep our clearing systems interoperable, innovative, safe, open and efficient.
In recent months we’ve been working with Participants to investigate industry-based fraud reporting. The reporting would potentially cover all four of the clearing systems we govern – Bulk Electronic (BECS), Consumer Electronic (CECS), High Value (HVCS) and Paper (PCS). The industry is currently working through a series of reporting requirements to understand what data is required and how this information should be presented.
Our CECS committee is continuing to investigate compliance with international standards for EFTPOS terminals and developing the CECS statistical dashboard ready for delivery early in the new year.
The BECS, PCS and HVCS committees are currently reviewing amendments to the rules and procedures around the Exchange Settlement Account System (ESAS) to ensure they align with upcoming RBNZ upgrades. We expect this work to be completed in time for the launch of the new ESAS system in early 2020.
Our new API-enabled ecosystem has continued to grow since we launched the centre in May. We now have 20 registered Standards Users made up of nine API providers and 11 third parties. And more enquiries and expressions of interest in joining this work are coming in regularly.
In recent months, we’ve been focusing on the development and delivery of a new version 2.0 of our Payment Initiation and Account Information standards. We’re currently in the process of seeking feedback from a range of organisations on the release candidate (draft) standards and from there, will finalise them ready for publication early next year.
As part of that process, we’re also seeking feedback on the development pipeline for future standards released through the API Centre. This activity is ongoing into next year.
Meanwhile, the API Council, responsible for the day-to-day governance of the API Centre, has agreed on the short-term critical success factors for the centre. This work identifies our key priorities over the coming months. The Business and Technical working groups have also made good progress on delivering to the wider work programme.
As we approach the Christmas break, we’d like to thank all our Standards Users and Community Contributors for being part of the centre and leaning in to support this new and exciting API-enabled ecosystem.
We submitted a response to the exposure draft of the Financial Market Infrastructure Bill, outlining our view on issues that are important to New Zealand’s payments ecosystem. The submission period closed on 26 September and we’re now awaiting the outcome of this RBNZ consultation.
We’ve had a busy few months in events since our last update. In October, we held another successful edition of The Hub in Auckland and Wellington on the rise of buy now, pay later services. We also held The Link women’s event in Auckland in November with guest speaker Kristy Duncan, founder and CEO of the global Women in Payments network.
Overall this year we’ve held nine industry events covering a broad range of topics which were all very well attended and received. We’re pleased to be able to bring the industry together regularly to connect, share views and discuss challenges and opportunities.
We’re also well underway planning another big event on the payments industry calendar which happens every two years. Our next conference, The Point 2020, will be held 23 & 24 June next year in Auckland. Registrations will be opening very soon with a limited time Christmas special so keep an eye on your inbox.
Our Chief Executive Steve Wiggins and General Manager Strategy and Corporate Affairs Jane Retimana have also been out and about meeting with the industry and wider ecosystem here and overseas.
Notably, Steve attended SIBOS in London where he was interviewed by SIBOS TV about our recently released 2019 Environmental Scan Report. He was also a guest speaker at other local and international events. Recently, Jane spoke at the API Days conference in London about New Zealand’s journey towards greater openness in banking, and was also on panels at the Women in Payments Symposium in Sydney and the Finnotec conference in Auckland.
We look forward to seeing everyone again in the new year at one of our events or for a catch-up.