The Reserve Bank of New Zealand will regulate and supervise the High Value Clearing System under the Financial Market Infrastructures Act 2021 after the Minister of Finance designated it on the central bank’s recommendation. Operated by Payments NZ, the system clears approximately NZD 551 billion in high value payments each month, including residential property transactions, and is New Zealand’s first clearing payment system designated as a financial market infrastructure. The designation follows the Reserve Bank’s 2025 proposal and subsequent consultation. It extends formal oversight from the system that settles payments to the clearing stage, where payment validity and the availability of funds are confirmed. The Reserve Bank determined that the High Value Clearing System is a systemically important pure payment system and that Payments NZ is its operator, bringing the system under applicable financial market infrastructure standards, regulatory approval requirements for rule changes and crisis management powers.
2026-09-15Reserve Bank of New Zealand
Reserve Bank of New Zealand begins regulating and supervising the High Value Clearing System
The Reserve Bank of New Zealand will regulate and supervise the High Value Clearing System following its designation under the Financial Market Infrastructures Act 2021. The Payments NZ operated system clears about NZD 551 billion monthly, and the designation extends formal oversight from payment settlement to clearing.