February 3, 2011
Have account, will travel
New Zealand’s new governing body for payments standards and
infrastructure has introduced new account switching rules
BY ELTON CANE
Payments NZ, the new private company established by the New Zealand Bankers Association and Reserve Bank to manage domestic payments rules and standards, has hit the ground running, with major transformations in New Zealand’s payments system planned to go live in 2011.
Payments NZ CEO Steve Nichols says the company’s first priority since beginning operations in October was to implement changes to account switching rules in response to consumer and political demand.
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Written by: Charis
Filed Under: Best practice, Retail Banking Review
Tags: account portability, account switching, payments innovation, Payments NZ
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