The application process
The application process has been designed to provide personalised guidance early in the process, so you understand whether you are likely to meet the access criteria and what the application process will entail for your entity. There are checkpoints where you can decide whether you’d like to continue with the process.
The application process involves:
- Submitting an Expression of Interest (EOI)
- An introductory meeting with us to discuss why you want an exchange settlement account and how you plan to use it, technology and onboarding requirements, costs, and how ESAS rules would apply to your entity
- Submitting your completed application form, which is provided after the introductory meeting
- Our review and decision
It’s hard to estimate how long the process will take, given each entity may need to take different actions to gather and submit the required information.
We will process the information we receive as quickly as possible. We’ll keep you informed throughout the application process, so you know what stage you’re at and what comes next.
Complete the EOI
If you’re a registered bank or a licensed NBDT in New Zealand, you can start your application process now by downloading and submitting an Expression of Interest (EOI).
The application process for other entities will open later in 2025.
- Download the EOI form (PDF, 715 KB)
- Send your completed EOI to [email protected].
Application information for NBDTs
A BIC is an international standard for routing business transactions and identifying business parties. BICs are provided by Swift, a global member-owned cooperative that provides secure financial messaging services.
Swift provides 2 types of BICs: connected BICs with access to the Swift messaging network, and non-connected BICs with no access that are used for reference purposes only.
NBDTs joining ESAS will only require a non-connected BIC. Non-connected BICs are provided free of charge by Swift, but Swift has recently advised us that the lead time to obtain one can be 2 to 3 months. If you already have a BIC, you can use this for an ESAS account.
How to register for a non-connected BIC and a branch code | SWIFT
You don't need a BIC until your application is approved and you move to onboarding when your BIC is used as your unique identifier for ESAS account setup.
However, given the lead time, if you’re thinking of applying for access to ESAS, you may wish to start the process with Swift straight away.
Please contact us at [email protected] if you have questions about the BIC requirement.
- check your balance
- generate reports
- sweep funds back to your settlement bank (registered bank that uses ESAS)
However, NBDTs will need a settlement bank to move funds into your ESAS account. Your settlement bank will use your BIC to direct funds.
Please contact us at [email protected] if you have questions about the role of your settlement bank.
You may ask your settlement bank to act as your agent. An ESAS agent is an existing ESAS account holder who is authorised to act on another account holder’s behalf in ESAS, via the ESAS user interface or Swift network.
An agent is optional and not a requirement for access to ESAS.
If you have an agent, in addition to moving funds into your ESAS account (a standard settlement bank function), they can sweep funds on your behalf. Your agent will need a connected branch code assigned and published by Swift to identify them as an ESAS agent. The lead time for this can be 2 to 3 months and there are associated costs. Your agent may pass on these costs and/or charge additional fees to act as your agent.
If you’re thinking about using an agent, please contact [email protected] for more information on the agent role and functionality.
How much it costs to apply for access to ESAS
There is an $8000 application fee payable at the time you submit your application form. You don't need to pay this fee until after you’ve submitted an EOI, had an introductory meeting with us, and decided you’d like to proceed.
You will also need to pay for any external application costs – for example, professional services for supporting documentation.
If your application is successful, you will need to pay for onboarding costs such as technical configuration or infrastructure requirements. We will discuss this with you during the application process.
If you have questions
If you have questions or need help with your application, email us at [email protected]