Payment service providers and FMIs encouraged to request meetings ahead of phase two
The Reserve Bank (RBNZ) will open the second phase of its Exchange Settlement Account System (ESAS) application process in September, expanding access beyond banks and licensed deposit takers to a broader range of financial entities.
ESAS is New Zealand’s core high-value real-time payments system, used by banks and other financial institutions to settle transactions securely and efficiently.
Expanded access follows multi-year review
In March, RBNZ completed a multi-year review of the ESAS framework, which resulted in expanded access criteria to include non-bank entities. This led to the first phase of the new application process being launched in April, when licensed non-bank deposit takers (NBDTs) were invited to apply.
“In September 2025, we will open the second phase of the application process, when other interested entities can apply,” RBNZ said.
Entities eligible for phase two include payment service providers, overseas deposit takers, and operators of designated Financial Market Infrastructures (FMIs).
To qualify, applicants must meet five key criteria: business activity, AML compliance, prudential and governance standards, operational readiness, and – where relevant – confirmation that ESAS rules are enforceable in the applicant’s home jurisdiction.
RBNZ invites prospective applicants to book informal meetings
Ahead of the September launch, the Reserve Bank is encouraging prospective applicants to schedule an introductory meeting.
“We invite anyone who has read the access criteria and is considering applying for ESAS access to email [email protected] for an introductory meeting,” the central bank said.
These informal sessions will allow the RBNZ to understand how applicants intend to use ESAS and provide guidance on meeting prerequisites and requirements.
“The introductory meeting is an informal opportunity to discuss ESAS, and for us to understand an entity’s intended use and share information on prerequisites and other requirements to help the entity prepare to apply from September, if they choose,” RBNZ said.
Applicants will also be expected to provide supporting documentation during the formal application, including risk management frameworks, business continuity plans, and – where applicable – a credit rating of BBB or higher or evidence of access to liquidity facilities.
Current banks and NBDTs can still apply
RBNZ has confirmed that registered banks and licensed NBDTs in New Zealand may continue to apply for ESAS access at any time.
“Access criteria and information for phase 1 applicants is available on our website,” it said.
RBNZ has the discretion to impose conditions on accountholders and will assess all applications on a case-by-case basis. A decision to decline an application is final, although applicants may reapply after addressing any outstanding requirements.
Detailed application guidance and phase two information will be published on the RBNZ website in September.
