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
Reserve Bank of New Zealand select SIA for new RTGS system
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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