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November 28, 2013updated 04 Apr 2017 4:10pm

Reserve Bank of New Zealand to review its payment systems

Reserve Bank of New Zealand is set to review its NZClear and ESAS high value settlement systems as it expects major upgrades in the coming 2 - 4 years.

By Verdict Staff

Reserve Bank of New Zealand is set to review its NZClear and ESAS high value settlement systems as it expects major upgrades in the coming 2 – 4 years.

Ernst and Young will support the bank in the review process to create a strategy for the development of payment and settlement services.

The bank will initially assess market requirements, consider alternatives for service delivery, and seek input from users and then develop a strategy to ensure that settlement systems remain fit for purpose.

Reserve Bank CFO, Mike Wolyncewicz, said: "The last significant upgrade to the application software for ESAS and NZClear was six years ago, and technology has changed markedly since then.

"Through Ernst and Young, the Bank will be consulting with ESAS account holders, NZClear members and industry bodies, early in 2014."

The review will include an assessment of industry trends and requirements, international trends, the range of payments and settlement services offered by the bank.

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