We will open the second phase of the Exchange Settlement Account System (ESAS) application process in September 2025.
ESAS is New Zealand's principal high-value payments system used by banks and other financial organisations to settle their financial transactions in real time. In March 2025, we completed a multi-year review of ESAS and expanded the access criteria to include more non-bank entities.
In April 2025, we published the new access criteria and opened the first phase of the application process, when licensed non-bank deposit takers (NBDTs) in New Zealand were invited to apply.
In September 2025, we will open the second phase of the application process, when other interested entities can apply. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs).
Information on the phase 2 application process and guidance on requirements to meet the access criteria will be published on our website in September.
In the meantime, we invite anyone who has read the access criteria and is considering applying for ESAS access to email [email protected] for an introductory meeting.
The introductory meeting is an informal opportunity to discuss ESAS, and for us to understand an entity's intended use and share information on prerequisites and other requirements to help the entity prepare to apply from September, if they choose.
