RBNZ Expands Access To The Exchange Settlement Account System

The Reserve Bank of New Zealand – Te Pūtea Matua is opening access to its Exchange Settlement Account System (ESAS) following a comprehensive public consultation.

On 27 March 2025 the Reserve Bank Board approved revised access criteria for the ESAS, the payments and settlement system used by banks and other approved financial organisations.

The new access criteria were informed by a multi-year review of ESAS access. The review included two public consultations, the most recent in November 2024.

The new criteria will open ESAS eligibility to more non-bank entities in two phases:

• First, to licensed non-bank deposit takers (NBDTs) in New Zealand; and
• Second, to other entities that meet the access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs).

“The revised policy and criteria allow ESAS access and use to be broadened while protecting the safety, efficiency and integrity of this vital system,” RBNZ Payment Services Director Steve Gordon says.

ESAS application process

Licensed NBDTs in New Zealand have requested access to the ESAS to hold reserves to meet prudential liquidity requirements.

While every application will be carefully and individually assessed, the way licensed NBDTs in New Zealand intend to use the ESAS, and their regulation by RBNZ, mean their application process will be less complex than other non-bank entities and can be expedited.

We are working to finalise details and information for potential applicants so we can open the application process as quickly as possible.

As soon as practicable in the coming weeks, we will publish submissions from the second ESAS access review consultation, the revised access policy and criteria, and information for phase one applicants to begin the application process.

We will provide another update, and revise ESAS content on our website, when more information is available.

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