Financial regulators set vision for New Zealand payments landscape
New Zealand’s payments landscape should offer “reliable and efficient payments that better meet the evolving needs of all New Zealanders”, says the Council of Financial Regulators (CoFR) in a vision statement released today.
“CoFR is taking a leadership role in the future of New Zealand’s payments landscape, encompassing all of the systems, services, products and entities that we use to make and receive all types of payments,” said Karen Silk, Assistant Governor and Group Manager Money Group at the Reserve Bank of New Zealand – Te Pūtea Matua.
“As regulators we want to pursue a common objective, ensure clear communications, and ensure better money and payments options for all New Zealanders,” she said on behalf of the council.
“Payments continue to evolve as customer and retailer expectations shift and new service providers enter the market, at the same time the industry is considering implementing real-time payments.
“However, there is more to be done to ensure that New Zealanders evolving needs are met. The payments landscape needs to be innovative, inclusive, and responsive to changes.
“It must also be reliable and efficient, and this requires resilience, safety, compliance, openness and competition,” Ms Silk said.
The CoFR agencies - which also include the Financial Markets Authority; Commerce Commission; Ministry of Business, Innovation and Employment and The Treasury – have set out the range of current activities across their work programmes that contribute to the payments vision.
“The vision statement provides a focal point for both agencies and the payments industry as we plan, influence, innovate, co-ordinate, and track Aotearoa’s progress towards it,” Ms Silk said.