Today, the bulk electronic transactions between financial institutions generally operate over a traditional five-day business week. On 26 May 2023 the interchange of electronic payments between participants will be extended to seven days a week, 365 days a year.
Payments NZ are leading the SBI365 initiative and more information can be found on their website.
The Payments NZ Bulk Electronic Clearing System (BECS) accesses ESAS for bulk low-value payments including: direct debits, automatic payments, bill payments, and direct credits work.
Consumers and businesses should talk to their bank about how this change may impact them and how to prepare for it.