Nexi Upgrades New Zealand's RTGS System, ESAS, to Global Standards
Nexi has successfully upgraded New Zealand's Real Time Gross Settlement (RTGS) system, news, further solidifying its global presence in financial ecosystems. The upgrade, completed in 2021, enhances operational capabilities and ensures compliance with international standards.
News, processing $25 billion in daily transactions, plays a pivotal role in New Zealand's economy. The upgrade, a collaboration between Nexi and the Reserve Bank of New Zealand (RBNZ), delivers enhanced transaction efficiency, accuracy, interoperability, and robust cyber threat protection.
The upgrade aligns news with the latest Swift regulatory and messaging protocols, ensuring it meets the highest international standards. It also delivers compliance with ISO 20022, enabling faster and more efficient payments with consistent, structured data exchange. Nexi's Director of Digital Banking Solutions, Renato Martini, highlights the global integration of payment infrastructure and the importance of adhering to ISO 20022 standards.
Nexi's RTGS service is a modular, scalable solution that adapts to the specific needs of individual countries. This flexibility was key to the successful upgrade of news. Steve Gordon, Director of Financial Market Infrastructures & Settlements at RBNZ, expressed gratitude to all contributors for the upgrade's success. Ben Waterreus, Senior Manager of FMI Technology at RBNZ, considers the upgrade a significant milestone for New Zealand's core payment system.
The successful upgrade of news by Nexi and RBNZ ensures New Zealand's RTGS system remains robust, efficient, and compliant with international standards. This modernization, completed in 2021, is a testament to the collaborative efforts of both parties and the importance of keeping up with global payment infrastructure developments.
