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How to apply for ESAS access

The application process

Learn about the requirements, timeframes and costs, how to submit an application and how to contact us if you need help applying.

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The application process has been designed to provide personalised guidance early, so you understand whether you are likely to meet the access criteria and what the process will entail for your entity. It involves the following steps:

Step 1: Submitting an Expression of Interest (EOI).

Step 2: An introductory meeting with us, which is an opportunity to discuss ESAS, and for us to understand your intended use and share information to help you prepare to apply, if you choose.

Step 3: Submitting your completed application form, which is provided after your introductory meeting, along with any supporting documentation.

Step 4: Our review and decision.

There are checkpoints where you can decide if you’d like to continue. You will only pay the application fee if you formally apply (step 3).

Before you start

Start your application process by downloading and submitting an Expression of Interest (EOI). Before you submit an EOI, make sure you’ve read the access criteria, rules and application information for your applicant category.

Send your completed EOI to [email protected].

We will confirm receipt of your EOI and set up an introductory meeting.

Prerequisites

A Business Identifier Code (BIC) is an international standard for routing business transactions and identifying business parties, to enable funds to reach their intended destination. BICs are issued by Swift, a global member-owned cooperative that provides secure financial messaging services. 

Every exchange settlement account needs a BIC to enable the sending and receiving of instructions within ESAS.

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.

How you intend to use ESAS will determine what type of BIC and Swift connectivity you will need. We will discuss this with you at your introductory meeting. If you already have the right kind of BIC, you can use it for ESAS. 

 

If you do not have a BIC or need a different type of BIC, you will need to contact Swift for more information. Swift has advised us that it can take up to 3 months to obtain a BIC - this is an estimated timeline if all required documents are submitted promptly. 

Find out about Business Identifier Codes (BICs) | Swift website

If you need to join the Swift network, there are various ways of connecting and each way may have different timeframes, costs and infrastructure requirements, depending on your situation and needs. Swift can help you work it out.

To start a conversation with Swift, you will need to submit a new onboarding request through the Join the Swift network page on the Swift website. Swift will then be in touch to discuss requirements and options.

Payments NZ develops and manages the rules and standards that govern the clearing systems that use ESAS technology and infrastructure. Payments NZ manages three clearing systems which are defined by payment type: the High Value Clearing System (HVCS), the Bulk Electronic Clearing System (BECS) and the Consumer Electronic Clearing System (CECS).

Depending on your situation and how you intend to use ESAS, you may need to become a participant in one of these clearing systems. This is a separate application process through Payments NZ. We will discuss this with you at your introductory meeting.

We’re here to help

Prerequisites can affect how long it takes to complete an ESAS application. We encourage you to consider all associated timeframes and costs as part of deciding if ESAS is right for your entity. We’ll discuss this with you during your introductory meeting, to help you make an informed decision.

We’re happy to be part of discussions and information sharing with other involved parties, such as settlement banks (registered banks that use ESAS), Payments NZ and Swift, where this is relevant and could be helpful.

How long it takes to apply

It’s hard to estimate how long the process will take, given each entity may need to undertake different actions to gather and submit the required information and get the right prerequisites in place. 

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.

In general, applications will be assessed in the order in which they’re received. We have resources in place to handle applications efficiently. Where an application is less complex and faster to assess, we will do so alongside progressing more complex applications, which may take more time.  

If your application is successful, you will need to have all prerequisites in place before we can onboard you to ESAS. You do not need to have them in place before you apply. 

How much it costs to apply 

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 need to pay for any external application costs – for example, professional services for supporting documentation – and costs related to completing or maintaining prerequisites or other requirements. You will need to discuss these costs with the relevant providers, as the costs may vary depending on your needs and we do not hold information on services provided by other parties.

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. 

How to submit your application 

You will need to submit your completed application form and supporting information through our secure file transfer service, BOX. Any information you send to us will be held in confidence. 

If you don’t have a BOX account, you’ll need to sign up for one before you submit your ESAS application. New accounts must be initiated by us. If you intend to apply, please let us know as soon as possible so we can get your account set-up started.

Read our BOX information sheet for ESAS applicants (PDF, 96 KB)

Go to our BOX service portal

If you have questions

If you have questions or need help with your application, email us at [email protected]