People and businesses make or receive payments in different ways, from cash and cheques to electronic transactions between bank accounts.
Aside from cash, every other sort of transaction is an “instruction” from bank account holders to their bank to move money from their account to someone else’s account.
Payments NZ’s role is to establish, manage, and monitor the rules of engagement for all these payment instructions between all Participants in New Zealand’s payments system to keep these transactions accurate and trouble-free.
Payments NZ manages and governs four of New Zealand’s core payment clearing systems in coordination with the industry to ensure payments are simple and secure for Kiwis and to enable a strong self-regulatory and innovative payments environment. We set and oversee the rules and standards that govern each of the clearing systems.
For a history of payments regulation in New Zealand including the establishment of Payments NZ and how other payments regimes around the world are structured, you can read our paper on the evolution of payments regulation below.