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Proposal to recommend that HVCS is designated
We are proposing to recommend that the Minister of Finance designates the High Value Clearing System (HVCS). This proposal is made under the Financial Market Infrastructures (FMI) Act 2021. The HVCS is a pure payment system operated by Payments NZ and has not been regulated before. The HVCS processes large payments that cannot be reversed, such as house settlements. The consultations on our initial proposal closed 30 September 2025. We are now seeking further submissions on the... MoreCloses 20 March 2026
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