Supporting an inclusive and resilient payments system
This year we’re continuing to modernise core payments, building on the strong foundations developed in partnership with industry through our next generation payments programme.
This update outlines our focus for the next six months, including progressing system-wide modernisation and exploring opportunities to continue to keep today’s payments safe, trusted and efficient.
Supporting effective delivery
Working with the industry and the Reserve Bank of New Zealand Te Pūtea Matua, we’ll continue to refine and validate core design components for future payments infrastructure. Our approach balances ambition with practicality – modernising in a way that:
- Encourages competition
- Aligns with international standards
- Reflects the unique scale and interconnectedness of the economy
- Keeps customer outcomes at the centre.
Last year, the clearing systems we govern processed $8.6 trillion in transactions. We continue to keep this essential system operating safely, securely and open, efficiently while preparing for future modernisation.
Payments modernisation stakeholder working group
To support system-level coordination, we’re re-establishing our Payments Direction Group with representatives from across our core sector stakeholders. Its purpose is to enable:
- Better visibility of system-level challenges and operational dependencies where legacy infrastructure intersects with modernisation.
- Exploring opportunities to leverage existing systems and capabilities.
- Improved transparency around transition sequencing and feasibility.
- Reduced fragmentation in industry preparation.
- Coordinated mobilisation once policy outcomes are confirmed.
Building better outcomes together
Clear government policy, combined with planned, coordinated industry implementation and delivery strengthens confidence in the system as a whole.
Modernising payments systems is complex. Systems are deeply interconnected and changes must be carefully sequenced to protect safety, trust and customer experience.
International experience suggests that clear roles and close alignment between policy direction and industry delivery are essential during major system shifts – especially in a small, tightly connected payments ecosystem like Aotearoa New Zealand.
A collective approach, with the industry and regulators working together, leads to more inclusive and resilient economic and customer outcomes.
Progressing our strategic work programme in 2026
Alongside our broader modernisation focus, we’re advancing several strategic workstreams:
System roadmap
We’re developing a system roadmap that will map existing capabilities and highlight opportunities linked to future modernisation. This work is still in early development, with a planned release in the second half of the year.
Scheme insights and digital identity
We’re finalising research into payment schemes, feeding this into our data strategy and scheme foundations work.
We have completed our digital identity opportunity assessment and are preparing a findings paper to be released soon.
Additional work underway
Over the coming months we’ll also complete:
- A refreshed 2026 consumer study
- A review of global account tokenisation insights.
Broadening our impact beyond modernisation
Modernising our core infrastructure is essential, but it’s only one part of the picture. Our wider work programme strengthens safety, resilience and inclusion across the system in Aotearoa.
- Trust and safety: industry-wide fraud reporting in place, PCI4.x terminal and ATM chip upgrades to keep the network secure and future-ready.
- Inclusion: continued progress of Tō Mātou Haerenga, our te ao Māori strategy, Ngā Tohu Ārahi data handling guidelines.
- Open banking ecosystem: regulated open banking now live, with upgraded standards improving reliability and customer experience.
- Competition and customer outcomes: switching improvements underway and expanded ESAS access enabling new entrants.
Looking forward
Through clear direction, coordinated delivery and transparent engagement, we are supporting an inclusive and resilient payments system for Aotearoa. We will continue to update stakeholders as our work progresses during 2026.
Chad Haighmark
Head of Strategy