Major change to online banking coming into force today

From today, online payments between different banks will be processed on the day they are made - weekends and public holidays included.

ASB, Bank of China, BNZ, ANZ, Citi, HSBC, ICBC, Kiwibank, Westpac and TSB will all be making the switch to allow the transfers, as will The Cooperative Bank.

The move to 365-day payments will impact direct credit transactions, direct debits, automatic payments, and bill payments.

Previously payments were only sent and settled on business days.

Payments NZ chief executive Steve Wiggins previously told 1News it will be a "significant" change for the industry.

He says it's "the next step in modernising the country’s payments system, allowing for both consumers and businesses to pay and be paid any day of the year, including weekends and public holidays".

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NZ banks introducing major change to online banking

From Friday, Kiwis will be able to transfer money between different banks, seven days a week.

New Zealand

May 22, 2023

"We’re excited to see the next evolution of payments in Aotearoa, which is the end of the traditional ‘five business days’ model for electronic bank payments."

Wiggins said the payments system that supports this change transacts over $1.5 trillion of payments each year.