The Reserve Bank has hired Ernst & Young to help review its NZClear and Exchange Settlement Account System (ESAS) settlement systems ahead of "substantial" upgrades over the next two to four years.
The central bank says it has appointed E&Y to assist with the review, and to prepare a strategy for the development of payment and settlement services.
“The last significant upgrade to the application software for ESAS and NZClear was six years ago, and technology has changed markedly since then,” Reserve Bank chief financial officer Mike Wolyncewicz said in a statement.
"The Bank will assess market requirements, consider alternatives for service delivery, and seek input from users. It will then develop a strategy to ensure that settlement systems remain fit for purpose. Through Ernst & Young, the Bank will be consulting with ESAS account holders, NZClear members and industry bodies, early in 2014," Wolyncewicz added.
He said the review's scope will include an assessment of industry trends and requirements, international trends, the range of payments and settlement services the Reserve Bank provides and will need to provide in the future, and how those services are best delivered.