Markets & payments
A safe and efficient payments system is critical to supporting day-to-day financial transactions in the economy. For this reason, the Reserve Bank oversees and operates New Zealand’s wholesale payment and settlement systems.
The Bank also monitors and liaises with financial markets to manage liquidity in the New Zealand banking system, and manages foreign reserves to support monetary policy objectives and maintain orderly markets.
Payment operations
The Reserve Bank has both an oversight and operational role in the payment system in New Zealand. The operational activities of the payment system include the provision of currency and a range of payment and settlement services.
ESAS is the Reserve Bank of New Zealand's Exchange Settlement Account System and along with Real-Time Gross Settlement (RTGS) allows individual transactions between financial institutions to be settled electronically as the transactions happen.
ESAS account holders have completed their Industry Acceptance Testing, and are now completing end to end testing with counterparties.
SWIFT Interface (NSI) testing has started with members of the NSI CUG. Successful messages have started to flow in. NSI Testing is planned to be completed by the 12th April 2019.
Starting Industry Acceptance Testing is dependent on passing quality gate 2. RBNZ are hoping to complete their internal testing to pass this quality gate, the first week in March. If that passes, we will be able to start Industry Acceptance testing of the new NZClear in a matter of weeks after that.