Photo: RNZ
The move to seven-day settlement of card payments between banks has improved cash flow and security for merchants.
An average of $1 billion in intra-bank payments were being processed each weekend, Payments NZ said, including $200 million in same-day card payments to merchants who previously had to wait until the next business day for settlement.
Payments NZ said it was also focused on improving broader security systems.
"We oversaw the upgrade of more than 50,000 Eftpos terminals across the country to improve security measures and protect against potential vulnerabilities in the payment system," chief executive Steve Wiggins said.
Open banking, which would make it easier for customers to digitally share their banking data with other verified organisations, was another focus for the payment service.
That was expected to be rolled out from May.
Many thousands of hours were spent to grow and update open banking protocols, with a broad range of organisations involved, Wiggins said.
"These updates will enhance security features, expand the range of shareable account data available, and enable greater payments functionality."
Work was also under way to develop the next generation of payment ecosystems and infrastructure, he said.
"With the consultation open until March 2025, we invite input from stakeholders to help shape a payment ecosystem that meets the needs of future generations."
"An exploratory sprint into digital identity in payments has begun, with key stakeholders engaged in an initial full-day workshop to gather insights and shape early stage recommendations.
"In [the first quarter] of 2025, we'll work to explore how digital identity can enhance payment security and identify practical near-term opportunities."
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