Because of its efficient foundations, New Zealand is well placed to take advantage of the latest developments, whether it is real-time payments or trialling blockchain and distributed ledger technology.
This innovation will have consequences for consumers and businesses. How people are paying for goods and services is changing, and companies need to adapt to make the most of the opportunities this brings.
Faster payments mean people will receive their money quicker, which means people will have to adjust accordingly.
If payments are being settled throughout the day, a company’s systems will also need to keep pace. Accounting systems, for example, need to be able to show the money as it comes in.
There are positive reasons for adapting and staying ahead of the latest payments trends. Because of the nature of the payments infrastructure, New Zealand is well positioned to embrace this wave of innovation.
Andrew Kershaw is Head of Payments and Receivables, New Zealand and David Tyrer is Director of Digital Channels, New Zealand at ANZ
To read the Payments Innovation: New Zealand Gears Up for Change report, click HERE