RBNZ Welcomes First Non-Bank to Central Bank Payment System

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

Non-Bank Deposit Taker Nelson Building Society is now operational after system testing and onboarding.

The ESAS review aimed to balance innovation and competition with maintaining safety, security, and integrity in the system.

According to FMI&S Director Steve Gordon, ESAS membership allows approved non-bank entities to settle payments directly in risk-free central bank money without using a commercial bank as an intermediary.