Submission on access to basic transaction accounts
26 Jun 2025
In June 2025, we submitted a response to the Council of Financial Regulators’ (CoFR) Issues Paper on access to basic transaction accounts in Aotearoa.
This consultation explored how underserved communities can be better supported to access everyday banking products, a goal that strongly aligns with our vision for a world-class payments system and advances our objective to foster payment systems that are interoperable, innovative, safe, open, and efficient.
We support CoFR’s objective of promoting financial inclusion and reducing barriers to access. Our submission acknowledges the critical role that basic transaction accounts play in helping people participate fully in economic life. We also highlight some of the system-wide considerations needed to support this initiative effectively.
Inclusion is core to our strategy
Improving accessibility across the payments ecosystem is an integral part of our work. Whether through open banking in the API Centre, our payments modernisation efforts, or our te ao Māori strategy, Tō Mātou Haerenga, we are committed to shaping a system that better serves the diverse needs of people, businesses and hapori (communities) across Aotearoa.
Our submission emphasises the importance of taking a full ecosystem approach, involving collaboration between regulators, government agencies, NGOs, charities, banks, deposit takers, fintechs, open banking providers, payment service providers, and retailers. We believe these efforts must centre the voices of those currently excluded from access, especially people experiencing homelessness, financial hardship, or with specific accessibility needs.
What we share in our submission
In our submission we outline several areas where Payments NZ is working to support improved access:
- Open banking and the API Centre – enabling trusted third-party services that can be tailored to specific accessibility needs.
- Digital identity – exploring how identity verification can be simplified through emerging technologies and an ecosystem of public and private sector contributors.
- Clearing systems and switching – supporting inclusive system rules, like improved EFTPOS accessibility and switching processes.
- Tō Mātou Haerenga – embedding Te Ao Māori principles and promoting equitable outcomes for Māori communities.
- Next Generation Payments consultation – reinforcing industry appetite for more inclusive, future-fit infrastructure and services.
We also highlight the importance of regulatory leadership in removing existing barriers, particularly around customer due diligence (AML/CFT) requirements and competition law. These are critical areas where clearer guidance and safe harbours could unlock progress.
Looking ahead
As the payments ecosystem in Aotearoa continues to evolve, Payments NZ is committed to playing an active role in improving access for all. We see this mahi as essential to enabling greater financial wellbeing, consumer choice, and resilience.