New Zealand banks making a major payment change

New Zealand banks are moving towards seven-day electronic banking, giving Kiwis instant access to transferred funds. 

The upcoming change means people will be able to receive and send payments between banks every day of the year - this is a change from the current system where funds are only transferred on business days. 

The industry-wide change is set to kick off from May 26 after being postponed for a month. 

ANZ, ASB, Bank of China, BNZ, Citi, HSBC, ICBC, Kiwibank, TSB and Westpac have all confirmed they are joining the 365-day pay scheme in hopes it will enable flexibility for customers. 

Payment NZ says the world is highly connected with economic activity playing a big part in this. 

They say that in order to keep up with this, as well as customer expectations, electronic payments should be available 24/7.