What is Payments NZ?
Payments NZ is a company set up by the nation’s main banks to bring together New Zealand financial institutions so they can standardise the way they make transactions for their customers. Payments NZ manages the process of standards setting, reviewing and monitoring, processing new members, and leading projects for expansion and other initiatives.
Does Payments NZ handle transactions?
No. We are the way banks and financial institutions work out how to standardise transactions between them. The transactions are conducted directly between them.
What is the payments system?
You can find out on the How payments work page.
Why are the big banks the owners?
The original system was established by the main banks to facilitate transactions between them. They wanted to retain this core service but enable others to participate without the obligation for an ownership stake. Payments NZ is a limited liability company.
What happened to the New Zealand Bankers Association?
Its payment systems responsibilities were wound up and passed to Payments NZ. The original shareholders of NZBA became the owners of Payments NZ. NZBA still operates, but does not focus on payment systems any more.
How many financial institutions and banks belong to the system?
Is Payments NZ a government body?
No. We are a company set up by the country’s banking businesses to facilitate transactions between them for their customers. We are not governed by specific legislation. But, as smooth-running payments are essential to the economy and society, the Reserve Bank has formal observer status on our payments system committees.