News and Media Releases/Publications » Articles » Banks eye new payments system with multiple settlements per day instead of just one
Banks eye new payments system with multiple settlements per day instead of just one
interest.co.nz
Gareth Vaughan
17.02.2011
View original articleA new multi-settlement per day domestic payments system is expected to be in place later this year. It will replace the current system where transactions settle just once daily, overnight. Payments NZ was set up last October to take over from the New Zealand Bankers’ Association the Electronic Credit Systems Code and Direct Debit Systems Code, which document operational agreements and arrangements among banks for clearing electronic credits and direct debits.
