Connected every day of the year - New Zealand Banks now processing electronic payments 7 days a week

The world is on a fast pace trajectory of connectivity, which means for both commercial entities and generations of peoples from "Gen Z" to "Boomers" we are all having to navigate a myriad of automated processes and economic impacts in everyday life. To attain and retain our commercial and lifestyle choices effectively, efficiently and safely it is crucial to be in control of our finances.

No matter the day of the week or time of the year, as consumers we have come to rely on immediate, convenient and uninterrupted services to facilitate our requirements.

Extending electronic payments from a 5 day business week to 7 days (including Public Holidays) affords benefits for both Financial Services companies and their clients alike. Commerce no longer has to wait for a traditional business day to complete transactions and/or deals.

The ability to send and settle payment transactions for most domestic electronic payments and account transfers, such as Automatic Payments, Bill Payments, Direct Credits and Direct Debits over a 7 day period, should provide, earlier visibility of payments made to and from accounts and earlier access to incoming deposits to improve cash flow.

This in turn provides a range of opportunities for the finance sector to update their business model by aligning their internal processes to the new payment regime, ultimately being of benefit both to the business and their clients alike.

Using finPOWER Connect 7 days a week

finPOWER Connect affords the opportunity to process payments 7 days a week including Public Holidays, however, in all probability business processes and documentation will need to be revisited to accommodate the change prior to implementation.

Our mbsl consultants are versed in the requirements needed for finPOWER Connect to receive, reconcile and send payments 7 days a week. We are happy to discuss options and strategies that will best suit your business model and may ultimately be beneficial in improving cash flow, and necessary to remain competitive.

Author - Theresa Clapp (mbsl) - 23 June 2023

Need mbsl to assist with implementing 7 day payment processing?

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