What's changing?

Payments New Zealand has announced that from 22 April 2023, a range of domestic electronic payments will move from business day to everyday processing (including weekends and public holidays).

Click here to view the Payments New Zealand announcement.

What is a domestic electronic payment?

It's a payment made by credit or debit card, automatic payment, bill payment, direct debit or direct credit.

Make & receive payments between banks every day of the week.

Currently, banks can only process payments between each other on business days. This means if a customer makes a domestic electronic payment from a different bank to yours on a weekend or public holiday, you won't see the money in your bank account or have access to it until the next business day.

Once 7-day payment processing is enabled, all participating banks will have the ability to settle domestic electronic payments between each other every day of the week, including public holidays and weekends.

This will give Westpac customers:

  • Greater certainty of when these payments will be sent or received
  • Earlier access and visibility of money in their bank accounts.

For businesses these benefits may provide a range of opportunities to change their business model.

Frequently asked questions.

What is Westpac doing to prepare for the change?

We're working through what 7-day payment processing will mean for products, services, systems, processes, contract terms and conditions, and operational support.

If you're a Westpac customer who may be impacted, we'll be in touch with you before the change comes into effect on 22 April 2023.

How can my business prepare for this change?

It's important to start planning now. Talk to your business advisor or payment provider about the potential impacts to your business. These may include: 

  • Systems that interface with receiving and sending payments
  • Customer or supplier payment terms
  • Internal policies and processes that relate to receiving and making payments
  • Communicating changes to your customers and suppliers.

Is 7-day payment processing the same as real-time payments?

No. Currently, payments are settled between banks every 30-60 minutes, 16 hours a day on business days. 7-day payment processing extends this to include weekends and public holidays. We don’t have a timeframe yet for the introduction of real-time payments.

Visit the Payments New Zealand website to stay up to date on industry news about payment processing in New Zealand.