26 May 2023

Quick draw: Every-day online payment processing introduced

From Nine To Noon, 9:30 am on 26 May 2023

A big change to the way we pay the bills kicks in today - they'll now be processed 365 days a year, instead of just Monday to Friday.

It'll apply to electronic payments - including APs, bill payments, direct credits - and the move is designed to speed up the processing system, with most banks that Kiwis use being involved.

It won't, however, apply to large payments - like a house settlement, for example. Payments NZ is the industry body behind the change, which it's described as a "significant modernisation" of the system that'll allow businesses and consumers to pay and be paid any day of the year, including weekends and public holidays. 

To talk more about the changes - and how far away we might be from the next step - real time payments - Kathryn is joined by Steve Wiggins, CEO of Payments NZ. Also joining Kathryn is Xero's NZ Country Manager Bridget Snelling.

Xero has issued a challenge to large Kiwi businesses to pay their invoices to small business within 10 days of invoicing.

She says small businesses are missing out on $465m each year because bills aren't paid on time. 

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