New Zealand’s central bank and SIA, the payment services and infrastructures company, have replaced two separate platforms with a new solution.
The Reserve Bank of New Zealand (RBNZ) market infrastructures are used by 57 member organisations including banks, custodians, registries and brokers that total around 600 users from New Zealand, Australia and Asia.
The new market infrastructures are based on the Real-Time Gross Settlement and Central Securities Depository applications provided by SIA and already used by also several other central institutions across Europe, Africa, Middle East and North America.
“The extent of change is significant,” says Mike Wolyncewicz, assistant governor and CFO of RBNZ. “Every day, transactions with a value of more than $30bn are settled, so there has been a focus on getting this right, and not rushing out a replacement until we were confident that it was ready. This successful changeover is the result of months of rigorous testing and we appreciate the cooperation of the system’s key users.”
Nicola Cordone, CEO of SIA, commented, “The successful go-live of this significant project with Reserve Bank of New Zealand represents another important step forward in our international presence. In particular, it is the first cornerstone in the delivery and implementation of SIA’s market infrastructure technologies in the Asia-Pacific region.”
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