Reserve Bank proposal to designate the High Value Clearing System
4 Aug 2025
The Reserve Bank of New Zealand Te Pūtea Matua (RBNZ) is proposing to designate the High Value Clearing System (HVCS) under the Financial Market Infrastructures Act 2021.
Payments NZ manages three core payment clearing systems in Aotearoa New Zealand, including HVCS. While we don’t own or operate payments infrastructure, we’re responsible for the rules, standards, and procedures that govern these systems – helping ensure payments in Aotearoa are exchanged and settled securely, efficiently, and consistently.
HVCS is used for large-value payments, such as property settlements and interbank transactions. These payments are highly secure, processed in real time, and cannot be reversed once made. HVCS participants use a dedicated Swift-based system to exchange these payments, which are settled via the Exchange Settlement Account System (ESAS).
The RBNZ’s proposal for designation can be viewed online.
Feedback on this proposal is open until 5:00pm on 30 September 2025.
You can submit your feedback through the RBNZ consultation portal.