We have opened the second and final phase of the Exchange Settlement Account System (ESAS) application process and we are accepting applications from all entities that meet the new access criteria.
ESAS is New Zealand's principal high-value payments system owned and operated by the RBNZ and is used by banks and other financial organisations to settle transactions in real time. In March 2025 the RBNZ completed a multi-year review of ESAS access and expanded the access criteria to include more non-bank entities.
The ESAS application process has remained open to registered banks throughout the access review. Licensed non-bank deposit takers (NBDTs) in New Zealand have been able to apply since April 2025. Now, all other interested entities can apply.
Financial Market Infrastructures and Settlements Director Steve Gordon says that in general, applications will be assessed in the order in which they're received.
"We have resources in place to handle applications efficiently. Where an application is less complex and faster to assess, we will do so alongside progressing more complex applications, which may take more time."
Our website has been updated with application information for each applicant category. There is a flowchart to help applicants determine which category applies to them, as well as information on prerequisites and requirements separate from the ESAS application process.
The first step for all interested entities is to submit a short Expression of Interest form, which is available on our website. Submitters will then be invited to an introductory meeting, after which they can decide if they'd like to apply. There is no fee until an application is formally submitted.
We will assess applications using a two-step eligibility approach, considering: if an applicant is engaged in business activities that align with the purpose of ESAS; and if the applicant has an acceptable risk profile, which includes anti-money laundering compliance and meeting prudential, governance and operational requirements.
