RBNZ Welcomes First Non-Bank ESAS Member with Nelson Building Society

The Reserve Bank of New Zealand (RBNZ) has approved the entry of its first non-bank member to the Exchange Settlement Account System (ESAS).

This move will allow approved non-bank entities to settle payments directly in risk-free central bank money, without using a commercial bank as an intermediary.

The ESAS is one of two wholesale financial market infrastructures operated by the RBNZ, and all payments between financial institutions (retail and wholesale) must settle in ESAS before reaching their destination.

Nelson Building Society, a Non-Bank Deposit Taker, has become the first non-bank member to join the system after completing system testing and onboarding. It is now listed in the ESAS member register.