The Reserve Bank of New Zealand has opened the second and final phase of the Exchange Settlement Account System (ESAS) application process, inviting applications from any entity that meets its expanded access criteria for New Zealand’s principal high-value real-time settlement system. ESAS access has remained available to registered banks throughout the access review, with licensed non-bank deposit takers able to apply since April 2025. Following the completion of the multi-year access review in March 2025, the Reserve Bank has now broadened the process to other interested entities, with applications generally assessed in the order received. Prospective applicants must first submit a short Expression of Interest, attend an introductory meeting, and then decide whether to submit a formal application, with no fee charged until formal submission. Eligibility assessments follow a two-step approach, covering whether the applicant’s business activities align with ESAS’s purpose and whether the applicant has an acceptable risk profile, including anti-money laundering compliance and prudential, governance and operational requirements.
Reserve Bank of New Zealand 2025-09-23
Reserve Bank of New Zealand opens final ESAS access application phase to all eligible entities
The Reserve Bank of New Zealand has initiated the final phase of the Exchange Settlement Account System (ESAS) application process, allowing entities meeting expanded access criteria to apply for New Zealand’s high-value real-time settlement system. Applications are assessed in order of receipt, with eligibility based on alignment with ESAS’s purpose and risk profile, including anti-money laundering compliance and governance standards.