The application process is open to licensed non-bank deposit takers (NBDTs) in New Zealand seeking access to ESAS to hold reserves to meet prudential liquidity requirements. NBDTs include finance companies that raise funds from the public, as well as most building societies and credit unions.
While every application will be carefully and individually assessed, the way NBDTs intend to use ESAS, and the fact that they are already licensed by RBNZ, mean the application process will be less complex than for other non-bank entities and can be expedited.
We expect to open the application process to other non-bank entities in the 3rd quarter of 2025. We are confirming operational details and developing guidance to support potential applicants through that process.
Registered banks can continue to apply for ESAS access at any time.
ESAS Access Review
ESAS is the payments and settlement system used by banks and other approved financial organisations. It processes about $25 billion-worth of transactions daily. In March 2025, RBNZ completed a comprehensive ESAS access review which included two public consultations, the most recent in November 2024.
Submissions from both consultations are available on our website.
Payment Services Director Steve Gordon says RBNZ considered all consultation feedback and made changes to the ESAS access policy and criteria as a result.
“Amongst other changes, we simplified and clarified the access criteria and confirmed that all successful applicants will be eligible to receive the overnight deposit rate on their balances.”
Information for potential applicants
We have updated our website with the revised access policy and criteria, and information for Phase 1 applicants (licensed NBDTs in New Zealand) to begin the application process. The first step is completing an Expression of Interest (EOI) form, which is available on our website.
We will provide another update when we confirm the opening date and details for the next phase of the application process, when we will be welcoming applications from entities engaged in business activities aligned with the purpose of ESAS, as specified in the ESAS access criteria. These entities may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs).
More information
Media contact
Georgina Hassell-Hopkinson
Senior External Stakeholder Advisor
Phone: 04 460 4366
Email: [email protected]