Our settlement ecosystem is expanding

16 Nov 2018

We’re pleased to announce the Australian Securities Exchange (ASX) has joined us as a new Participant, and Bank of China has expanded their participation in one of our payment clearing systems.

As of today, Bank of China, which has been a part of our High Value Clearing System (HVCS) since 2016, has also joined our Bulk Electronic Clearing System (BECS) as a direct settlement Participant.  BECS is responsible for the governance of our Settlement Before Interchange System (SBI) which processes interbank electronic credit, and direct debit payments.  Bank of China joins the nine existing Participants in BECS who are ANZ, ASB, BNZ, Citibank, HSBC, ICBC, Kiwibank, TSB and Westpac.

The ASX has joined our High Value Clearing System (HVCS), which enables Kiwis to make large value payments, such as business transactions and house settlements. Joining HVCS ensures ASX can continue to deliver timely payment services directly to New Zealand-based brokers. ASX joins the 12 existing Participants in HVCS who are ANZ, ASB, Bank of China, BNZ, CCB, Citibank, HSBC, ICBC, Kiwibank, NZX, TSB and Westpac.

We’re pleased to have both organisations on board as we continue to work on ensuring our payment systems remain innovative, interoperable, efficient, open and secure.