Our vision is to deliver world-class payments for Aotearoa by building a right-sized, modular, future-proofed payments ecosystem.
A cornerstone of many modernisation efforts is the transition to next generation payment capabilities, which support a broader range of functionality, including simple verification, payee identifiers, rich data, improved fraud solutions, greater payment choices, real-time value transfer and cross-border payment corridors.
In 2020, our Payments Modernisation Plan (PMP) set out the capability building blocks required to modernise the payments system in Aotearoa. We have since worked with the industry to develop a recommended approach to deliver a next generation payments ecosystem for Aotearoa.
Our approach has been informed by expert insights from payment associations and vendors around the world that have already implemented next generation or real-time capabilities. A key focus of our dialogue with stakeholders involved which services should be enabled, and in what order, to ensure early use and to drive growth.
What have we been working on?
In 2023 our focus was on developing an initial foundational design and completing stakeholder engagement to seek feedback and input into the design. To date, we have:
- Developed a foundational design for discussion and refinement with industry stakeholders.
- Completed initial engagement with stakeholders on the foundational design.
- Completed the drafts of Chapter 1 and 2 of an Industry Strategic Investment Case (ISIC).
- Constructed an initial model which considers how payments could move to a new system over time.
Industry Strategic Investment Case
The key deliverable for the programme is an Industry Strategic Investment Case (ISIC). The ISIC sets out the case for change and presents an initial design, that forms a key component of a wider strategic payments modernisation programme, as envisaged by the 2020 Payments Modernisation Plan.
ISIC Chapter 1: Setting the scene for next generation capability
Chapter 1 of the ISIC discusses payments modernisation developments globally and details the overarching benefits of a next generation payments ecosystem for Aotearoa and the reasons why investment in this space is critical.
ISIC Chapter 2: Foundational ecosystem design
Chapter 2 of the ISIC presents an initial foundational ecosystem design. The design reflects our work to understand the evolution of payment platforms and the drivers for modernisation, while also drawing on the results of our engagement with industry stakeholders.
What are we working on next?
We are building on the foundational ecosystem design in Chapter 2. We are developing Chapter 3 which outlines a proposed capability sequencing roadmap.
The sequencing considers priorities as given by industry and how we might leverage the modularity of a next generation system to prioritise the delivery of capabilities, such as real-time fraud prevention, payee identification, improved consent and authentication management and digital identity.
We intend to complete Chapter 3 alongside updates to Chapter 1 and 2 towards the end of 2024.
Stay informed
Updates will be provided via our website and existing Payments NZ channels as this work progresses. If you’re interested in being kept informed, please join our mailing list for news and updates.
Want to know more?
Click here for frequently asked questions.
In this section
ISIC Chapter 1
Chapter 1 of the ISIC discusses payments modernisation developments globally and details the overarching benefits of a next generation payments ecosystem for Aotearoa and the reasons why investment in this space is critical.
Read moreISIC Chapter 2
Read moreOctober programme update
Our October update about the work we're doing to establish the foundations of a next generation payments ecosystem.
Read moreFAQs
These are the most common questions we get asked about the next generation payments programme.
Read moreStay informed
If you’re interested in being kept informed, please join our mailing list for news and updates.
Read more