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New Zealand’s central bank launches market infrastructure with SIA

The Reserve Bank of New Zealand (RBNZ), the country’s central bank, has gone live with real-time financial market infrastructures for users in the APAC region, provided by Italian technology vendor SIA.

The solutions, Real-Time Gross Settlement (RTGS) and Central Securities Depository (CSD), will replace two separate platforms – the Exchange Settlement Account System (ESAS) and the Central Securities Depository system (NZClear).

The SIA platforms are already used by 57 organisations, including banks, custodians, registries and brokers, totalling around 600 users from New Zealand, Australia and Asia. Furthermore, SIA’s solutions are also used by central institutions in Europe, Africa, the Middle East and North America.

Mike Wolyncewicz, Assistant Governor and Chief Financial Officer of Reserve Bank of New Zealand, commented: “The extent of change is significant. Every day, transactions with a value of more than $30 billion are settled, so there has been a focus on getting this right, and not rushing out a replacement until we were confident that it was ready.

“This successful changeover is the result of months of rigorous testing and we appreciate the cooperation of the system’s key users,” he said.

The institutions connected to the platforms will now have access to a more modern and leading-edge system to manage their day-to-day interactions with the Reserve Bank of New Zealand, according to SIA.

Nicola Cordone, CEO of SIA, commented: “The successful go-live of this significant project with Reserve Bank of New Zealand represents another important step forward in our international presence. In particular, it is the first cornerstone in the delivery and implementation of SIA’s market infrastructure technologies in the Asia-Pacific region.”

In December, SIA launched a blockchain-based national project for the management of sureties with CetIF, Reply, Bank of Italy and IVASS.

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