Rules and Standards

Refers to the rules and standards set by Payments NZ, which govern the operation of the three clearing systems. The rules and standards are a multi-lateral contract between Payments NZ and all Participants.  They include various obligations and technical requirements that Participants must comply with.



Settlement Before Interchange.  Is New Zealand’s batch retail financial payment system, administered by Payments NZ, through which SBI Participants bi-laterally interchange and settle transaction files multiple times throughout each business day.  Settlement Before Interchange is the payment settlement system used by BECS and CECS.



Same-day Cleared Payment, is a payment instrument that is processed through HVCS and is often used for large value transactions where the recipient requires the payment to be confirmed in the same business day, for example house settlements.  See 'Payment Methods' for more information.


The transfer of money from one Participant to another Participant, through the accounts held by the Participants at the Reserve Bank of New Zealand.

Standards Member

An organisation that has joined Payments NZ as a Standards Member. Standards Members provide or use payment products covered by our standards and want to be part of the ongoing development of those standards.


The Society for Worldwide Interbank Financial Telecommunications.  The SWIFT system is used by SBI and HVCS to send payment information between Participants.

SWIFT is a cooperative organisation dedicated to the promotion and development of standardised global interactivity for financial transactions.  More than 10,800 banking organisations, securities organisations and corporate customers in over 200 countries exchange millions of standardised financial messages daily via SWIFT. 


The infrastructure for sending payment information between Participants.

Switch Operator

The operator of the switches used to send payment information between Participants.