New Zealand opens ESAS application process to all interested entities

In general, applications will be assessed in the order they were received.

New Zealand’s central bank has opened the second and final phase of the Exchange Settlement Account System (ESAS) application process, its principal high-value payments system.

ESAS is used by banks and financial organisations to settle transactions in real-time. Access was opened for licensed non-bank deposit takers (NBDTs) in New Zealand, and they have been able to apply since April 2025.

As of 23 September 2025, all interested entities can apply, the Reserve Bank of New Zealand (RBNZ) said, provided they meet the new access criteria.

Applications will generally be assessed in the order in which they were received, said Steve Gordon, director, financial market infrastructures and settlements, RBNZ.

The first step for all interested entities is to submit a short Expression of Interest form, which is available on the RBNZ website. Submitters will then be invited to an introductory meeting, after which they can decide if they’d like to apply.

There is no fee until an application is formally submitted.