We now live in a world that’s highly connected, always on and is underpinned by continuous economic activity. Customers expect fast, accessible, and uninterrupted services across all industries and sectors, regardless of the day of week or time of year.
Availability of electronic payments (such as automatic payments, bill payments and direct credit payments) 365 days a year helps meet these evolving customer expectations. A major payments initiative system like this form one of the key building blocks for us to modernise payments across the ecosystem. It is part of a greater body of work we’re doing that sets out a future view of our payments ecosystem to 2030 and identifies what future capabilities are required so we can continue to meet the changing needs of Kiwis.
With 365-day payments, commerce no longer has to wait for a traditional business day to be completed. Consumers are able to purchase goods and services using electronic payment methods any day of the year. Businesses providing services over weekends and public holidays could see improved cashflow. Extending availability also creates opportunities for more innovation, allowing businesses to have the opportunity to look at ways to innovate within their business model.
We encourage all businesses and payment service providers to think about what the availability of 365-day payments could mean for their own organisations, internal processes and customers. This is a significant system change that positively impacts the way people make and receive electronic payments to and from their bank accounts.
Currently the banks who are part in this system change are: ANZ, ASB, Bank of China, BNZ, Citi, HSBC, ICBC, Kiwibank, TSB and Westpac. Collectively they offer financial services to most Kiwis.