Banking
Reserve Bank of New Zealand opens consultation on outdated payments system
Around $2 trillion in retail payments moves between New Zealand banks each year, but the central bank says infrastructure has fallen behind global standards.
Reported from rbnz.govt.nz→ — read the original alongside this account.
New Zealand's retail payments system is operationally reliable but outdated and lagging behind international standards, Reserve Bank of New Zealand Assistant Governor Karen Silk said.
Around $2 trillion in retail payments flows between the country's banks each year. The Minister of Finance has endorsed the central bank to lead a modernisation strategy alongside government agencies and industry participants.
The RBNZ has established two workstreams. One will review the technical requirements needed to modernise infrastructure, while the second will address regulatory coordination, strategic leadership and governance.
A central question is whether to stick with incremental changes or undertake structural modernisation of the underlying payments infrastructure.
Consultation on an issues paper runs for 10 weeks, closing on 27 October 2026. The central bank expects to provide ministers with advice on reform options in the first half of next year, with a proposed roadmap, business case and further public consultation to follow.