Nexi and RBNZ upgrade New Zealand’s real-time payments system

By Puja Sharma

Nexi, the European PayTech, and the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua, have upgraded New Zealand’s Real Time Gross Settlement (RTGS) system, known as ESAS, ensuring alignment with the latest Swift regulatory and messaging protocols.

New Zealand’s Exchange Settlement Account System (ESAS), the primary high-value payments system used by banks and other financial organisations, is critical to the country’s economy, processing $25 billion in transactions daily last year. Completion of the four-year upgrade project delivers compliance with ISO 20022, enabling faster and more efficient payments with consistent, structured, and data-rich financial information exchange.

This critical enhancement ensures the New Zealand RTGS system now operates on a modern, robust, and future-ready settlement platform. The upgrade enhances operational capabilities, improves transaction efficiency, accuracy and interoperability, as well as strengthening protection against cyber threats.

“This upgrade marks a significant milestone to New Zealand’s core payment and settlement system ESAS,” said Ben Waterreus, Senior Manager FMI Technology at RBNZ. “We’re proud to have delivered a solution that not only meets global standards but also strengthens the integrity and performance of the country’s core financial market infrastructure.”

“The RBNZ is responsible for running the system which is New Zealand’s central financial settlement system and critical to the economy. We’re grateful to everyone who contributed to this upgrade – including Nexi, our other partners and ESAS account holders whose efforts ensured its success,” added Steve Gordon, Director Financial Market Infrastructures & Settlements at RBNZ.

Renato Martini, Digital Banking Solutions Director at Nexi, commented: “Payment infrastructure today is truly global and closely integrated with national payment platforms. As we approach the November deadline for transitioning to ISO 20022 for cross-border payments, it’s essential that these platforms adhere to the latest standards while accommodating local needs, specificities and currencies.

“The successful completion of this project in New Zealand marks the fifth implementation of Nexi’s RTGS system worldwide, reinforcing our commanding position in the international financial ecosystem and contributing to the stability and security of global markets. We look forward to completing further RTGS implementations as more major financial institutions adopt ISO 20022 for cross-border payments.”