Interchange is to the fore as New Zealand progresses to a faster payments culture.

365 day payments will be a thing, or is planned to be, in 10 months’ time, beginning on 22 April 2023. Payments New Zealand is the vehicle for this so-called reform. 

Instead of unnecessarily working out how to build a secure national real time payments infrastructure, what New Zealand needs to do is join the NPP. 

What we need is the complete economic and political union of Australia and New Zealand.  it suits banks, so get on with it. 

ANZ and BNZ as net receivers of interchange are the winners from the increased volumes that will be discovering a growth trajectory this time next year. 

Westpac appears to be the bank dragging the chain around a seemingly easy to implement reform.

The banks who are part of this system change are: ANZ, ASB, Bank of China, BNZ, Citi, HSBC, ICBC, Kiwibank, TSB and Westpac