Chinese banks join Payments NZ High Value Clearing System
22 Apr 2016
Payments NZ is pleased to have welcomed China Construction Bank (New Zealand) Ltd (CCB) and the Bank of China (New Zealand) Ltd (BoC) into its High Value Clearing System (HVCS).
The HVCS enables New Zealanders to make large payments, such as business transactions and house settlements, between parties. HVCS is an integral part of the New Zealand payments system with around 2.4 million transactions processed in 2015, equating to $5.26 trillion of value.
By becoming Direct Settlement Participants both CCB and BoC have also joined the HVCS Management Committee and are able to contribute to the governance and development of New Zealand’s industry-wide rules and standards as well as other initiatives.
“We are pleased to welcome China Construction Bank and the Bank of China to our High Value Clearing System, and are already benefitting by the different perspectives they bring.
“Additional HVCS Participants’ means increased competition within our local market which has the flow-on effect of driving innovation and ensuring Kiwi customers can benefit from a range of world-class payments products and services,” says Steve Wiggins, Chief Executive of Payments NZ.
CCB and BoC will join the existing eleven Participants on the HVCS Management Committee, who are ANZ, ASB, BNZ, Citibank N.A., Deutsche Bank, HSBC, ICBC, Kiwibank, NZX, TSB, and Westpac.
About High Value Clearing System
Participants in the HVCS benefit from legal certainty provided by the HVCS Rules and Procedures, which ensure that all Participants apply consistent business processes when sending and receiving HVCS payments, such as standardised message formatting, operating hours, customer experience, business continuity planning, and procedures for dealing with mistaken transactions.
The HVCS is one of four payment clearing systems managed by Payments NZ, which is responsible for maintaining the payment rules and standards by which its Participants must legally abide.