The Reserve Bank of New Zealand announced it will open the second phase of the application process for access to the Exchange Settlement Account System (ESAS) in September 2025, broadening who can apply following recently expanded access criteria. ESAS is New Zealand’s principal high-value payments system for real-time settlement of financial transactions. After completing a multi-year review in March 2025, the Reserve Bank expanded ESAS access criteria to include more non-bank entities, published the updated criteria in April 2025, and opened phase 1 applications for New Zealand-licensed non-bank deposit takers. Phase 2 will allow other interested entities to apply, which may include payment service providers, overseas deposit takers and operators of designated financial market infrastructures, while registered banks and licensed non-bank deposit takers in New Zealand can continue to apply at any time. Information on the phase 2 application process and guidance on meeting the access criteria is due to be published in September 2025, and prospective applicants can request an informal introductory meeting with the Reserve Bank ahead of applying.
Reserve Bank of New Zealand 2025-07-14
Reserve Bank of New Zealand to open phase 2 applications for Exchange Settlement Account System access in September 2025
The Reserve Bank of New Zealand will open the second phase of applications for the Exchange Settlement Account System (ESAS) in September 2025, allowing broader access to include payment service providers, overseas deposit takers, and operators of designated financial market infrastructures. This follows the expansion of ESAS access criteria in March 2025, enabling more non-bank entities to apply.