Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Support Provider For Austraclear/ESAS

News Release 8 May 2002

The Reserve Bank today announced that it had awarded a three-year contract to Datacom Systems (Wellington) Ltd to provide support services to the New Zealand Austraclear and ESAS systems, commencing 1 January 2003.

Austraclear is a system operated by the Reserve Bank for clearing and settlement of high-value debt securities and equities. The Austraclear system has 230 members with total investments of approximately $80 billion.

The Exchange Settlement Account System (ESAS) is a banking service provided by the Reserve Bank to institutions that need to make regular high-value payments with each other. All the current ESAS account holders are banks, though, in principle, membership is not restricted to banks. These transactions - around $30 billion daily - are completed individually in real time. The actual systems are located in Wellington and are duplicated in Auckland to ensure that services can continue in the event of a regional disaster in Wellington.

In 2001, Austraclear Limited (a subsidiary of SFE Corporation Limited) which has been doing this work for the Reserve Bank, served notice that, following a change in strategic direction, it intended to stop providing support services for the Austraclear and ESAS applications past 31 December 2002.

Dr Rod Carr, who is acting as Governor, commented "We are pleased to be entering into this contract with Datacom. Of the various tenderers, Datacom particularly impressed us with their technical knowledge and their familiarity with supporting mission-critical payment systems."


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news