Why we provide ESAS accounts
The purpose of ESAS is to provide reliable and final settlement so resources can be used efficiently across the economy. ESAS helps us promote the soundness of the financial system and implement the monetary policy.
Exchange settlement accounts are basic current accounts only. They have limited payment features focused on 'wholesale' (high value and bulk processed) activities. Exchange settlement accounts are not a substitute for commercial bank accounts and may not be suitable for many financial organisations.
Read more about how exchange settlement accounts work
ESAS access review
From 2022 to early 2025, we reviewed the ESAS access policy and criteria. The review considered whether access to ESAS should be widened and how access might be opened safely. It included 2 public consultations.
You can find out more about the access review and read the consultation materials on the CitizenSpace website.
After the second consultation, we refined the draft access policy and criteria and put these to our Board for consultation and approval. ESAS, as a designated Financial Market Infrastructure (FMI), falls under the Financial Market Infrastructures Act 2021 (FMI Act), which means the RBNZ Board must approve revisions to the ESAS access policy.
In March 2025, the Board approved the access criteria and supporting policy.
Criteria for new applicants
The criteria apply a 2-step eligibility approach, considering:
- If an applicant is engaged in business activities that align with the purpose of ESAS.
- If the applicant has an acceptable risk profile, which includes anti-money laundering compliance and meeting prudential, governance and operational requirements.
The access criteria list entity and business types that align with the purpose of ESAS and set out the risk-related requirements.
Read the access criteria in full (PDF, 457 KB)
The applicant is responsible for providing evidence that they meet the criteria, including any work and costs associated with getting supporting documents produced.
Who can apply for ESAS access?
All entities that meet the ESAS access criteria can apply for access at any time.
This may include:
- licensed deposit takers — registered banks and licensed non-bank deposit takers in New Zealand
- payment service providers
- overseas deposit takers
- market makers
- operators of designated Financial Market Infrastructures (FMIs).
Fees for using ESAS
We operate ESAS on a cost-recovery basis. Operating costs are distributed between all ESAS members through:
- a monthly subscription fee of $2000 and
- a per-transaction fee (charged per account debit) that is currently $3.65 (the transaction fee is reviewed every 6 months to ensure that operating costs are recovered).
Read about ESAS operating costs in the ESAS Annual Report
ESAS rules
Any new ESAS account holders would be subject to the same ESAS rules as existing account holders. This is as agreed and provided for in the existing rules.
Read the ESAS rules (PDF, 357KB)
Read the notice pursuant to clause 4.1 of the ESAS rules (PDF, 532KB)