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.
ESAS has very limited payment features focused on 'wholesale' 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 Markets Infrastructure (FMI), falls under the Financial Market Infrastructures Act (2021), 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 new criteria apply a two-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.
We'll continue to update the How to apply for ESAS access page with guidance for applicants on information requirements and the application process.
Who can apply now?
Registered banks can submit an ESAS application at any time. There are 2 key dates for other entities.
Licensed NBDTs in New Zealand seeking access for holding reserves to meet prudential liquidity requirements can apply for access now.
While every application will be carefully and individually assessed, the way NBDTs intend to use ESAS and the fact that they are already licensed by us mean the application process will be less complex than for other non-bank entities and can be expedited.
In Phase 2, ESAS will open to applications from other entities engaged in business activities aligned with the purpose of ESAS, as specified in the ESAS access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs).
We expect to open this application process in the 3rd quarter of 2025. We are confirming operational details and developing guidance to support potential applicants through this process.
We will provide an update when the opening date has been confirmed. When Phase 2 opens, we will also provide information on how you can enquire about access to ESAS if you are carrying on a business activity that is not currently covered by the access criteria.
Settlement banks with NBDT customers
NBDTs need a registered bank that uses ESAS (settlement bank) to move funds into an ESAS account. If you’re a settlement bank and you have NBDTs as customers, they may contact you about banking arrangements for ESAS.
If we can help with these conversations, please email us at [email protected]
View the list of licensed NBDTs in New Zealand
Fees for using ESAS
- a monthly subscription fee of $2000, effective from 1 July 2025 and
- a per-transaction fee 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)