Central Banking

New Zealand payment systems under review


The Reserve Bank of New Zealand (RBNZ) is reviewing its two large-value settlement systems in anticipation of major upgrades between now and 2017.

The central bank owns and operates both the NZClear and Exchange Settlement Account System (Esas): real-time systems used to settle securities transactions and interbank obligations respectively.

The central bank's chief financial officer, Mike Wolyncewicz, noted that the last "significant" update to either system's software was in 2007. "Technology h

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