20 September 2016
Payments NZ is pleased to announce that Co-op Money NZ’s application to become a direct settlement participant in its Bulk Electronic Clearing System (BECS) has been approved. Co-op Money NZ will start participating in BECS in 2017 once it has completed industry testing.
“We are delighted to be the first non-registered bank to join BECS. We have been successfully operating in the payments space for two decades and it is great to take this next step to enable us to better support our Members and customers, which is an important part of our growth and development plan.” said Henry Lynch, CEO of Co-op Money NZ.
Joining BECS means that Co-op Money NZ will be able to directly send and receive electronic payments (direct debits, direct credits, automatic and bill payments, etc.) with other BECS Participants rather than through a third party.
“We are excited to welcome Co-op Money NZ as the tenth Participant in BECS. This is great news for New Zealand’s payment industry.” said Steve Wiggins, Payments NZ Chief Executive.
“Having a payments system that’s open to attracting new entrants helps us maintain a world-class payments system that’s interoperable, innovative, safe, open and efficient. It ultimately means better services and options for Kiwis.”
Co-op Money NZ represents co-operatively owned member credit unions and mutual building societies in New Zealand.
Earlier in 2016 the Industrial and Commercial Bank of China New Zealand Limited (ICBC) also joined BECS. Payments NZ expects to welcome other direct settlement participants over the coming years.
BECS Participants use the Settlement Before Interchange (SBI) payments system to send and receive payments. In the twelve months to October 2015, this system processed electronic payments worth NZD$1 trillion.
Current Participants in Payments NZ’s BECS are ANZ, ASB, Bank of New Zealand, Citi, HSBC, ICBC, Kiwibank, TSB and Westpac.
BECS is one of four payment clearing systems managed by Payments NZ who is responsible for maintaining the payment rules and standards which its Participants must comply with.
For further information about Co-op Money NZ, please visit: www.coopmoneynz.org.nz/who-is-co-op-money-nz/
Sam Prescott, Payments NZ
Telephone: +64 4 460 2383 | Mobile: +64 21 112 2974
Henry Lynch, CEO Co-op Money NZ
Telephone: +64 9 522 3540 | Mobile: +64 27 497 4993