Nelson Building Society (NBS) has been approved as a member of New Zealand’s Exchange Settlement Account System, known as ESAS, becoming the first non-bank deposit taker in New Zealand to gain direct access to the system.
ESAS is the wholesale settlement system used for payments between financial institutions. For NBS, membership means it can settle payments directly rather than through a commercial bank intermediary.
The approval is a practical milestone for NBS and supports how the organisation manages liquidity behind the scenes.
NBS Chief Executive, Gina Dellabarca said the approval reflects the continued growth and maturity of NBS.
“This is an important step for NBS and reflects the continued growth and maturity of our organisation.
“While clients won’t notice a change in their day-to-day banking, ESAS membership supports how we manage liquidity behind the scenes. It allows NBS to hold some cash reserves directly with the Reserve Bank and helps us make more effective use of our resources for the benefit of the organisation and our members.
“NBS has always been proudly member-owned and South Island-focused. This milestone supports our focus on building a stronger NBS for the future.”
NBS Chief Financial Officer Kris Renouf said direct access to ESAS gives NBS more flexibility in how it manages liquidity.
“This is a practical step forward for NBS. Direct access to ESAS gives us more flexibility in how we manage liquidity and helps us use NBS’ resources more efficiently,” Mr Renouf said.
RBNZ’s news release can be read in full here: RBNZ approves entry of first non-bank member to Exchange Settlement Account System (ESAS) - Reserve Bank of New Zealand - Te Pūtea Matua.
For further information on NBS visit nbs.co.nz.
For media inquiries, please contact:
Robyn Sheves
Head of Marketing and Community, NBS
M: 027 366 9170
E: robyn.s@nbs.co.nz