An organisation that has joined Payments NZ’s Membership programme. There are three different kinds of membership: Infrastructure, Standards and Industry membership – which reflect the different kinds of organisations in the payment ecosystem.
Paper Clearing System
A Participant exchanges payments directly with other Participants in one or more of the four clearing systems run by Payments NZ.
The details that need to accompany a payment so the receiving Participant knows what the payment is for and the account the money needs to be paid into or taken out of.