The Reserve Bank of New Zealand (RBNZ) will replace its current Exchange Settlement Account System (ESAS) with an Real-Time Gross Settlement (RTGS) operating on a standalone IT infrastructure that incorporates substantial redundancy and resiliency feature.
The New Zealand central bank went to public tender for the new system in January 2015 after contracting with
Ernst & Young to undertake a strategic review of its payments and securities settlement platforms.
The review recommended the implementation of a modern RTGS system and the sale of the NZClear security settlement and depository business which was deemed a non-core business that required significant investment.
Of the RTGS contract, deputy governor Geoff Bascand says: “Our preferred approach was to find and use an existing off-the-shelf system rather than build a new bespoke system. The contract with SIA achieves that goal.”
SIA says it will use its wholly-owned South African subsidiary Perago to deliver and support the new system.
“The Perago RTGS system has a rich list of features that we can consider for deployment,” says Bascand. “We sought a system with substantial processing capacity and the Perago solution will allow for significant volume growth and high throughput rates.”
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