New Zealand: Payments NZ for faster transactions on weekends and public holidays

Payments NZ, responsible for managing fund movement between banks, says that it is looking to extend processing of online banking, credit card and EFTPOS payments to weekends and public holidays. Jamie Wood, Payments NZ Manager of Clearing Systems, says that there is now a growing demand for banks to process transactions 7 days a week. While transactions during business hours take only one hour to process, Wood says that it would take about nine months to explore how this can be done during weekends and public holidays, although he has no current estimation of cost. However, he finds that it is unlikely there would be an increase in merchant transaction fees. Greg Harfod, Retail NZ Marketing Manager Retail, said that this offering would be highly appealing for smaller businesses, where having the funds appear in their accounts quickly is crucial for maintaining cashflow. August 2016 RFi Group data of New Zealand merchants finds that 48% of merchants with revenue of $1m or less and 42% of merchants with more than $1m revenue find speed of payment settlement to be highly important (8-10 out of 10).

 

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