“The review balanced the objectives of fostering innovation and competition with maintaining the safety, security, and integrity of the system. 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.
The Exchange Settlement Account System (ESAS) is one of two wholesale financial market infrastructures operated by the Reserve Bank of New Zealand. All payments between financial institutions (retail and wholesale) must settle in ESAS before reaching their destination.
Prior to the completion of the review, the access criteria did not support non-bank entities obtaining an ESAS account.
The new member is Non-Bank Deposit Taker Nelson Building Society, which is now operational after system testing and onboarding and is listed in the ESAS member register on our website.
Any application information we receive is held in confidence. We do not share the names of entities engaged in the application process.
We will keep the Register of ESAS account holders updated as new members join. We encourage anyone with an interest to regularly monitor the list.
