The Reserve Bank of New Zealand has issued the Deposit Takers (Depositor Compensation Scheme Transitional Provisions) Standard 2025, setting out how deposit takers must gather depositors’ alternate bank account details following a failure so Depositor Compensation Scheme (DCS) payments can be made as quickly as possible. The standard comes into force on 1 July 2025. Deposit takers that provide online software for customers to view or manage accounts, including internet and mobile applications, must have a pre-positioned DCS depositor page that can be easily accessed on those platforms in the event of a failure to collect alternate bank details for payment to an active account at another deposit taker. The requirement applies from 1 July 2025 for non-mobile platforms and from 31 December 2025 for mobile-based applications. The standard also provides an alternative approach, allowing firms to submit a written proposal to the Reserve Bank of New Zealand for a different secure method of collecting the required depositor information from authorised individuals. A draft was consulted on between 6 December 2024 and 7 February 2025, attracting 10 submissions from deposit takers and industry bodies, and the Reserve Bank of New Zealand also published guidance, a regulatory impact statement and a summary of submissions alongside the final standard.

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