BNZ welcomes move to 7-day payments
The change, led by Payments NZ, is being rolled out across the banking industry and means New Zealanders will enjoy greater flexibility and convenience in how they make or receive payments.
Until now, domestic transactions between banks made at the weekend or on public holidays, haven’t been processed until the following business day. With this change, payments will be processed every day of the year.
BNZ CEO Dan Huggins says the move is a positive change for New Zealanders who rely on fast and convenient financial transactions.
“We're excited to see the banking system move to 7-day payments. Whether it’s a small business owner looking for more consistent cash flow, or a customer wanting to make an online payment for their Saturday Trade Me purchase—this change will provide significant benefit for Kiwis,” he says.
Now, customers creating a new automatic or future dated payment will have it made on the actual day they’ve selected, even if it’s on a weekend or public holiday.
“The move to 7-day payments helps modernise the New Zealand banking system. We look forward to seeing the benefits it brings our customers and the communities we serve,” says Mr Huggins.
For more information, visit Payments NZ or the BNZ website.
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