The Reserve Bank of New Zealand has undertaken a strategic review of its Exchange Settlement Account System (ESAS) and NZClear Securities Settlement System (NZClear) to comply with industry requirements in anticipation of substantial upgrades that will be necessary in the next two to five years.
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Ernst & Young, a London-based audit firm, will assist with the review and will help the bank develop a strategy for the growth of its payment and settlement services.
The bank will replace the its current payment and settlement systems by procuring a Real-Time Gross Settlement System and a Security Settlement System with a Depository from potential vendor through Registrations of Interest (ROI) sought on 15 December 2014.
Reserve Bank of New Zealand stated: "Work is also under way on identifying alternative providers of security settlement services, with the release of an expression of interest document expected in the first quarter of 2015."
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