Payments NZ acknowledges designation of the High Value Clearing System
15 Sep 2026
Payments NZ acknowledges today’s decision to designate the High Value Clearing System (HVCS) under the Financial Market Infrastructures Act 2021.
Payments NZ is specified as the operator of HVCS and will continue to play a central role in supporting its safe, efficient and reliable operation through managing the rules and standards that govern the system and working closely with participants and regulators.
The designation reflects the assessment of the Government and the Reserve Bank of New Zealand – Te Pūtea Matua that HVCS is systemically important to Aotearoa New Zealand’s financial system. It establishes a formal framework for regulation and supervision by the Reserve Bank.
Approximately $551 billion in high-value payments is cleared through HVCS each month, supporting important transactions across the economy.
The designation follows a significant period of industry-led modernisation. In 2025, Payments NZ coordinated its 15 participants and other institutions completed the migration to ISO 20022 for high-value payments, enabling richer data, improved compliance and stronger global interoperability.
Payments NZ Chief Executive Steve Wiggins said the organisation recognises the need for an oversight framework that reflects the importance of HVCS.
“We acknowledge the decision to designate the High Value Clearing System under the Financial Market Infrastructures Act.
“HVCS is a critical part of New Zealand’s payments infrastructure and supports the safe and efficient movement of money through the economy.
“Payments NZ and industry participants have made significant progress modernising high-value payments. The successful migration to ISO 20022 provides a strong foundation for the future development of the system.
“The designation reflects the systemic importance of HVCS to Aotearoa New Zealand’s financial system and provides a clear framework for ongoing regulatory oversight.”
Since 2013, Payments NZ has actively participated in the designation process through numerous formal submissions and engagement with the Reserve Bank and will continue to engage constructively as the supervisory framework is implemented.
“Trusted payments infrastructure relies on strong collaboration between operators, participants and regulators. We look forward to continuing our work with the Reserve Bank and industry as the framework is implemented,” Mr Wiggins said.
The designation takes effect on 12 October 2026.
Note to editors: The High Value Clearing System (HVCS) is operated by Payments NZ and clears high-value payments between participating financial institutions as settlement occurs. Clearing confirms payment obligations between participating institutions as funds are settled. The Reserve Bank has stated that approximately $551 billion in high-value payments are cleared through HVCS each month. Following a consultation process that commenced in 2013, the Minister of Finance has designated HVCS as a systemically important financial market infrastructure under the FMI Act 2021.
For media enquiries please contact: Karine Fox, Head of Corporate Affairs, Payments NZ, karine.fox@paymentsnz.co.nz or 021 185 0691.