Our next generation payments workstream has been driving conversations about how the payments industry could support New Zealanders and the economy with digital payments capability. We have worked with leading advisors and the ecosystem to research, assess and discuss the long-term modernisation of the core system and broader ecosystem in Aotearoa.  

Consultation outcomes

Our public consultation on payments for the next generation set out our thoughts on how a next generation ecosystem could come together, including a proposed design centred on safe, secure, data-rich payments.  

We’re pleased to now share the report with you summarising the findings from our consultation feedback.

The feedback we received following broad consultation, has shaped five strategic recommendations that will guide our efforts moving forward. They include: 

  • Develop a consolidated strategic roadmap  
  • Commit to the modular design approach 
  • Develop priority actions for the foundational pillars 
  • Explore the potential of digital identity to make payments safer 
  • Integrate next generation capabilities into the consolidated strategic roadmap 

The feedback supports:

  • The payments ecosystem in Aotearoa shares the desire for a modern, world-class payments system, centered on safe, secure and data-rich payments, with accessibility and inclusion embedded by design as guiding principles. 
  • Digital identity is considered a strategically important capability, enabling trust and interoperability, and offering solutions for making payments safer through the prevention of fraud and scams, while streamlining access to services. 
  • The importance of data standards and ensuring our data capabilities meet customer and regulatory requirements and are aligned to global standards like ISO 20022 to support interoperability and future readiness. 
  • Further discussion on the governance and funding for next generation capabilities is required to develop more equitable and transparent governance models. 
  • Exploring how some services, such as fraud detection and digital identity could be delivered as a utility service, enabling more cost-effective and efficient delivery of new capabilities. 
  • A unified roadmap that is thoughtfully sequenced and takes industry capacity and timelines for other industry and regulatory initiatives into consideration. A roadmap is considered essential to support confident investment, timely delivery of new capabilities and provide clarity to the industry on the way forward. 
  • Payments NZ’s role is to provide strategic leadership, bring the industry together to collaborate and to ensure industry direction is aligned with regulatory outcomes. 

What are we doing next?

We’ll be working with industry stakeholders to progress four workstreams to better understand the options and next steps for the development of the foundational pillars. The workstreams include: 

  • Exploring how a scheme framework could provide fit for purpose governance arrangements for an expanding ecosystem.  
  • Assessing stakeholder data needs and gaps leveraging existing capability in the data space (e.g. ISO 20022 schema) and addressing data governance and handling considerations. 
  • Exploring options for a centralised utility to support both existing and future utility services.   
  • Exploring the intersection of digital identity and payments through the analysis of selected use cases that address safety, security, privacy and trust. 

Part of this work will be to establish how next generation capabilities are integrated within a consolidated strategic roadmap which sets out the sequencing of future capabilities, taking into consideration wider Payments NZ, industry and regulatory initiatives.  

View our consultation documents 

Although the consultation is now closed, you can still read our consultation paper.   

As part of our public consultation process, we have made the responses from consenting organisations and individuals available on our website

Get in touch 

If you have any questions, please contact our team, payments.direction@paymentsnz.co.nz 

You can also stay informed as our work progresses by registering to our next generation mailing list

In this section

Consultation feedback

Here you’ll find the consultation responses which we have received permission to publish.

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Stay informed

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