Banks in New Zealand are now processing online payments between different banks on the same day, including weekends and public holidays. ASB, Bank of
Banks in New Zealand are now processing online payments between different banks on the same day, including weekends and public holidays. ASB, Bank of China, BNZ, ANZ, Citi, HSBC, ICBC, Kiwibank, Westpac, TSB, and The Cooperative Bank have all made the switch to allow transfers on a 365-day basis. This change affects direct credit transactions, direct debits, automatic payments, and bill payments. Payments NZ chief executive Steve Wiggins sees this as a significant step in modernizing the country’s payments system, providing greater convenience for consumers and businesses. The payments system in New Zealand handles over $1.5 trillion in transactions annually.
