New Zealand admits first non-bank member to payment settlement system

All payments must first settle in ESAS before reaching their destination.

The Reserve Bank of New Zealand (RBNZ) has approved the first non-bank member to New Zealand's Exchange Settlement Account System (ESAS).

The Nelson Building Society, a non-bank deposit taker, is now operational in ESAS after system testing and onboarding, the central bank said on 8 September 2026. The society is also listed in the ESAS member register of RBNZ’s website.

ESAS is one of two wholesale financial market infrastructures operated by the RBNZ, and all payments between financial institutions—whether wholesale or retail—must first settle in ESAS before reaching their destination.

RBNZ has not disclosed the names of other entities applying to become and ESAS member.

The move follows a review by the RBNZ. Prior to the review, the access criteria did not support non-bank entities obtaining an ESAS account, RBNZ said.

“ESAS membership now allows approved non-bank entities to settle payments directly in risk-free central bank money without using a commercial bank as an intermediary,” FMI&S Director Steve Gordon says.