Response to Commerce Commission paper

1 Aug 2023

Payments NZ welcomes the opportunity to respond to the Commerce Commission’s request for views paper, Payments Between Bank Accounts. We are pleased to see the Commission taking a supportive role and acknowledging our work in the paper. 

The payments system in Aotearoa is made up of a complex network of core rails, systems and infrastructures, standards, rules and regulations. The core systems we govern transact over NZ$6 trillion a year and are efficient, safe, open and interoperable.

Governance of this interbank payments system is at the heart of what we do, and we believe payments system innovation is crucial towards supporting the country’s aspirations for the future. Payments NZ has multiple work programmes across the breadth of our systems focused on this. In recent months, we have delivered seven-day payments processing and published our Minimum Open Banking Implementation Plan

We will be working through this consultation in more detail in the coming weeks and look forward to sharing our views, based on our deep experience governing payment systems, leading payments modernisation and in open banking, through this process.