SIA and New Zealand's central bank launch new Financial Market Infrastructures

SIA and New Zealand's central bank launch new Financial Market Infrastructures
26.02.2020 12:05 pm

SIA and New Zealand's central bank launch new Financial Market Infrastructures

Infrastructure

The Reserve Bank of New Zealand (RBNZ), New Zealand's central bank, and SIA – European hi-tech company leader in the fields of payment services and infrastructures – have launched the new real-time financial market infrastructures, replacing the two separate platforms Exchange Settlement Account System (ESAS) and Central Securities Depository system (NZClear).

The RBNZ market infrastructures are used by 57 member organisations including banks, custodians, registries and brokers that total around 600 users from New Zealand, Australia and Asia. Those financial institutions are now connected to a far more modern and leading-edge system to manage their day-to-day interactions with the Reserve Bank of New Zealand.

The new market infrastructures are based on the Real-Time Gross Settlement (RTGS) and Central Securities Depository (CSD) applications provided by SIA and already used by also several other central institutions across Europe, Africa, Middle East and North America.

“The extent of change is significant. Every day, transactions with a value of more than $30 billion are settled, so there has been a focus on getting this right, and not rushing out a replacement until we were confident that it was ready. This successful changeover is the result of months of rigorous testing and we appreciate the cooperation of the system’s key users” says Mike Wolyncewicz, Assistant Governor and Chief Financial Officer of Reserve Bank of New Zealand.

“The successful go-live of this significant project with Reserve Bank of New Zealand represents another important step forward in our international presence. In particular, it is the first cornerstone in the delivery and implementation of SIA’s market infrastructure technologies in the Asia-Pacific region,” commented Nicola Cordone, CEO of SIA.

Related News

Creatio partners with Tata Consultancy Services to drive customer experience across marketing, sales and services

Creatio (formerly bpm’online), a global software company providing a leading low-code... Read more »

BMLL selects EOSE to Bolster Distribution of their Derived Data Product

EOSE, provider of outsourced market data solutions, today announced that the firm has entered into an agreement with BMLL Technologies, the data engineering and analytics firm... Read more »

Coin Metrics Raises $6M

Coin Metrics, the leading provider of Cryptoasset Data and Infrastructure for institutional investorsannounced today that it completed a $6 million... Read more »

Alibaba Cloud and Multi-Lingual Support from the Global MediXchange of Combating Covid-19 (GMCC) programme

Over 440 medical institutions from 104 countries and regions have applied to learn and share experiences in battling COVID-19 through the ... Read more »

Spanish authorities approve offer from SIX

SIX Group AG (“SIX”), the Swiss financial markets infrastructure operator, today received authorisation from the CNMV for its all-cash voluntary tender offer for Bolsas y... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel