What is it?
The speeding up workstream was launched early 2018, and is progressing well. It's 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
A new industry working group for this workstream has recently completed their initial 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. A recommendations report has been produced by the working group and further work on this initiative is expected to get underway in 2019.