The Consumer Electronic Clearing System (CECS) covers all electronic consumer payments, such as EFTPOS (Debit Card) payments and mobile payments.
Payments NZ sets the CECS rules and standards for the processing of EFTPOS payments and mobile payments, and the operation of ATMs. As innovation continues in the consumer electronic payments space, new payment instruments will also be processed through CECS.
CECS transactions are settled and interchanged in SBI, via BECS. This means Participants in CECS are either also BECS Participants, or they have a BECS Participant who acts as their agent for processing transactions.
A standard CECS transaction involves a number of parties, including: