What is it?
The speeding up workstream is tasked with considering how we might enable both faster payments and faster access to funds which will continue to support a well-functioning economy.
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
An industry working group for this workstream has undertaken a range of investigations. These investigations included a high-level review of the current state of New Zealand’s payments system, and the possible speeding up opportunities that could be leveraged.
We're continuing to work with the industry on possible opportunities and next-steps in this space.