{
 "jurisdiction_id": "NZ",
 "jurisdiction": "New Zealand",
 "url": "https://payments.gi/jurisdictions/new-zealand/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 58,
  "source_register": 99
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w1a-licensing-authorisation-market-access",
   "standing_position": "NZ's prudential payments/deposit-taking framework is being re-founded on the Deposit Takers Act 2023, with tranche-3 DTA Standards and a crisis-preparedness policy package open for consultation to 11 September 2026, and a confirmed decision permitting all licensed deposit takers to use 'bank'/'banking' from 1 December 2028.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "FMC Act 2013 / financial institution (CoFI) licence",
     "source": "https://www.fma.govt.nz/business/services/financial-institutions/financial-institution-licensing/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FSP (Registration and Dispute Resolution) Act 2008",
     "source": "https://multilaw.com/Multilaw/ZENTSO/BusinessGuides/Presentation/Section_Home.aspx?GuideId=2&GuideCountry=New+Zealand&GuideSection=382",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FMA guidance — e-money / PSP",
     "source": "https://www.finextra.com/pressarticle/104320/nz-regulator-clarifies-licensing-requirements-for-e-money-and-payment-service-providers",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "MBIE Payment Services Regulation consultation",
     "source": "https://blockchain.org.nz/2026/06/03/big-month-for-digital-assets-in-nz-momentum-media-and-may-policy-meetings/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Conduct is governed by the FMC Act 2013 and the CoFI regime (Financial Markets (Conduct of Institutions) Amendment Act 2022), with FMA as conduct regulator requiring fair conduct programmes. There is no EMI-style statutory safeguarding/segregation regime; PSPs typically hold customer funds on trust in a licensed-bank trust account. All retail financial service providers must belong to one of four approved dispute-resolution schemes. Consumer-lending licensing by the FMA begins 1 July 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "FMC Act 2013 / CoFI fair-conduct programme",
     "source": "https://chambers.com/content/item/4201",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FSPA 2008 — dispute resolution requirement",
     "source": "https://www.fma.govt.nz/consumer/everyday-finance/disputes-and-consumer-protection/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FMC Act safeguarding / trust treatment",
     "source": "https://www.minterellison.co.nz/insights/new-zealand-crypto-asset-regulation",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Consumer lender licensing (from 1 July 2026)",
     "source": "https://fsp-register.companiesoffice.govt.nz/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w2-stablecoins-digital-money",
   "standing_position": "NZ has NO stablecoin-specific legislation. Stablecoins are assessed case-by-case under the FMC Act (potential debt-security characterisation). RBNZ adopted a 'increased vigilance, not regulation' posture from June 2023 following the Future of Money consultation, and is researching a digital NZD (CBDC) with no launch timeline. A domestic NZD-pegged stablecoin (NZDD) launched November 2023. Where a stablecoin operates as a payment system, the Commerce Commission may designate it under the Retail Payment System Act 2022.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RBNZ Future of Money — supervisory posture",
     "source": "https://www.rbnz.govt.nz/hub/news/2023/06/rbnz-ramps-up-monitoring-of-stablecoins-and-cryptoassets",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FMC Act — stablecoin characterisation",
     "source": "https://www.minterellison.co.nz/insights/new-zealand-crypto-asset-regulation",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Retail Payment System Act 2022 — RPN designation",
     "source": "https://www.minterellison.co.nz/insights/new-zealand-crypto-asset-regulation",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NZDD stablecoin launch",
     "source": "https://www.moneyhub.co.nz/stablecoins.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Digital NZD (CBDC) research",
     "source": "https://stripe.com/resources/more/digital-currency-in-new-zealand",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience of payment/settlement infrastructure runs through the Financial Market Infrastructures Act 2021 (FMI Act), under which RBNZ designates and supervises systemically important FMIs. ESAS (the RTGS) is a designated settlement system under the FMI Act, with designation giving statutory settlement finality. NZ is migrating ESAS messaging to ISO 20022 under a coexistence (FIN/MX) strategy, with underlying hardware upgraded September 2024.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Financial Market Infrastructures Act 2021",
     "source": "https://www.rbnz.govt.nz/payments-and-settlement-systems/exchange-settlements-account-system/esas-overview",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ISO 20022 migration",
     "source": "https://www.rbnz.govt.nz/payments-and-settlement-systems/exchange-settlements-account-system/esas-and-the-financial-system",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Settlement-finality / insolvency protection",
     "source": "https://www.rbnz.govt.nz/payments-and-settlement-systems/exchange-settlements-account-system/esas-overview",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w4-scheme-network-compliance",
   "standing_position": "RPSA 2022 designates Visa/Mastercard networks; Interchange Fee Network Standard 2025 replaced initial pricing standard 1 Dec 2025 (in-person credit ~0.8%->0.3%); foreign-issued card caps in force 1 May 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Retail Payment System Act 2022 — designation & IPS",
     "source": "https://www.comcom.govt.nz/regulated-industries/projects/retail-payment-system/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Retail Payment System Act 2022 (primary legislation)",
     "source": "https://www.legislation.govt.nz/act/public/2022/0021/latest/whole.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Interchange caps — domestic & foreign",
     "source": "https://blog.eftpos.co.nz/blog/interchange-fee-changes-what-they-mean-for-your-business",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CECS / EFTPOS scheme rules (Payments NZ)",
     "source": "https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bulletins/2022/new-zealands-payment-landscapea-primer.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w5-payment-corridor-dynamics",
   "standing_position": "NZ's principal cross-border priority is the Pacific remittance corridor (Samoa, Tonga, Fiji), among the world's most expensive, under sustained de-risking/de-banking pressure on money-transfer operators and correspondent banks. RBNZ has actively pressed banks for a risk-based (not blanket de-risk) approach and ran the Pacific Remittances Project (concluded July 2022) with the RBA/MFAT, including a regional KYC facility. Wholesale cross-border settlement uses SWIFT; ISO 20022 migration is underway. Non-bank FX/cross-border specialists (e.g. Corpay) are active.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Pacific Remittances Project",
     "source": "https://www.rbnz.govt.nz/regulation-and-supervision/cross-sector-oversight/our-relationship-with-other-financial-regulators/pacific-remittances-project",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RBNZ de-risking posture",
     "source": "https://islandsbusiness.com/commentary/pacific-banking/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FSB cross-border KPIs (corridor cost)",
     "source": "https://www.imf.org/-/media/files/oap/oap-home/2025/tokyo-2025-session-2-cross-border-payments-tobias-v2.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Non-bank cross-border FX provider",
     "source": "https://cb.corpay.com/new-zealand",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w6-industry-structure-commercial-dynamics",
   "standing_position": "NZ payments is bank-anchored: Payments NZ (owned by 8 of the registered banks incl. ANZ, ASB, BNZ, Kiwibank, Westpac) governs the core clearing systems. Card acceptance is dominated by Worldline NZ (formerly Paymark, processing ~70% of in-store transactions) and Verifone as switches; Smartpay is the largest independent EFTPOS/acquiring provider. The market is consolidating under foreign ownership — Cuscal acquired Worldline NZ (Paymark) in 2026 and Shift4 acquired Smartpay (2025). The fintech sector generated ~NZD 2.6bn revenue (2023) with ~200 startups.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Market structure — Payments NZ governance",
     "source": "https://multilaw.com/Multilaw/ZENTSO/BusinessGuides/Presentation/Section_Home.aspx?GuideId=2&GuideCountry=New+Zealand&GuideSection=382",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Acquiring/switch market concentration",
     "source": "https://www.globenewswire.com/news-release/2026/05/29/3303392/0/en/worldline-new-zealand-payment-activities-divestment-finalised-press-release.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Independent EFTPOS provider",
     "source": "https://nz.linkedin.com/company/smartpay-new-zealand-limited",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Fintech sector scale",
     "source": "https://fintechnews.au/119491/new-zealand/5-fintech-startups-from-new-zealand-to-watch-in-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w7-legal-litigation",
   "standing_position": "The landmark NZ payments litigation was the Commerce Commission's 2006-2009 interchange proceedings against Visa, Mastercard and the major banks under ss.27 & 30 of the Commerce Act 1986, settled in 2009 (Visa and Mastercard agreeing to scheme-rule changes allowing surcharging and individually-set, publicly-available interchange rates). Current 'enforcement' activity is regulatory rather than courtroom: the Commerce Commission's RPSA interchange-cap decisions (final decision July 2025) and ongoing monitoring of commercial-card interchange. AML enforcement includes the DIA's SkyCity settlement (NZ$4.16m, Sept 2024).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Commerce Act 1986 ss.27 & 30 — interchange litigation",
     "source": "https://comcom.govt.nz/news-and-media/news-and-events/archive/commerce-commission-and-mastercard-agree-to-settle-credit-card-interchange-fee-proceedings",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPSA interchange final decision (enforcement)",
     "source": "https://www.minterellison.co.nz/insights/new-zealand-payment-system-update-interchange-fee",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Commercial-card interchange investigation",
     "source": "https://b2bnews.co.nz/news/commerce-commission-targets-commercial-credit-card-interchange-fees/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "AML/CFT enforcement (DIA)",
     "source": "https://amlwatcher.com/our-coverage/new-zealand/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring is provided by the major banks (BNZ, ASB, ANZ, Westpac) and increasingly by independents — Smartpay began acquiring in NZ from 2023/2025, breaking the bank-only acquiring model. Acceptance economics are shaped by the RPSA interchange caps and merchant-surcharging rules: the Commerce Commission requires surcharges to be no more than the merchant's cost of accepting the payment, with a surcharge ban on in-store EFTPOS/Visa/Mastercard debit and credit payments advancing via the Retail Payment System (Ban on Merchant Surcharges) Amendment Bill.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Merchant surcharging guidance (RPSA)",
     "source": "https://www.russellmcveagh.com/insights-news/commission-publishes-guidance-on-retail-payment-surcharging-key-takeaways-for-merchants-and-payment-service-providers/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Surcharge ban — RPS Amendment Bill",
     "source": "https://www.mbie.govt.nz/business-and-employment/business/competition-regulation-and-policy/retail-payment-systems",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Independent acquiring entry",
     "source": "https://www.nzx.com/announcements/447985",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Acceptance cost structure",
     "source": "https://www.mordorintelligence.com/industry-reports/newzealand-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w9-product-innovation-market-development",
   "standing_position": "NZ moved to regulated open banking on 1 December 2025 under the Customer and Product Data Act 2025, which designated the banking sector and incorporated Payments NZ API Centre standards (Account Information, Payment Initiation, API Security v2.3.3) by reference. Five API providers (ANZ, ASB, BNZ, Westpac, Kiwibank) must meet standardised-API timelines; nine third parties were live at go-live. Account-to-account products (BNZ's Payap, built by Centrapay) are scaling. The FMA ran a fintech regulatory sandbox pilot (six firms across tokenised assets, payments, stablecoins).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Customer and Product Data Act 2025 — open banking",
     "source": "https://www.apicentre.paymentsnz.co.nz/standards/implementation/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Minimum open banking implementation plan",
     "source": "https://www.apicentre.paymentsnz.co.nz/standards/implementation/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Account-to-account product (Payap)",
     "source": "https://fintechnews.au/119988/new-zealand/4-fintech-startups-from-new-zealand-to-have-on-your-radar-in-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FMA fintech regulatory sandbox",
     "source": "https://blockchain.org.nz/2026/06/03/big-month-for-digital-assets-in-nz-momentum-media-and-may-policy-meetings/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w10-consumer-protection-app-fraud",
   "standing_position": "NZ has NO statutory mandatory APP-fraud reimbursement regime (unlike the UK PSR model). Consumer redress runs through four approved dispute-resolution schemes, principally the Banking Ombudsman Scheme (compensation up to NZ$500,000 for direct loss). Scam reimbursement is governed by an industry-led, VOLUNTARY NZBA scam compensation scheme (in force December 2025) and an updated Code of Banking Practice; consumer advocates (Consumer NZ) criticise it as weaker than the UK regime. A Confirmation of Payee system is live and an NZ Anti-Scam Alliance has been established.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Dispute resolution schemes",
     "source": "https://www.fma.govt.nz/consumer/everyday-finance/disputes-and-consumer-protection/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Banking Ombudsman Scheme — redress limit",
     "source": "https://bankomb.org.nz/about-us/faqs",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NZBA voluntary scam compensation scheme",
     "source": "https://www.consumer.org.nz/articles/banks-introduce-new-compensation-measures-for-scam-victims",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Confirmation of Payee / Code of Banking Practice",
     "source": "https://business.scoop.co.nz/2025/04/23/banking-ombudsman-scheme-backs-banks-stronger-consumer-protections-from-scams/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Ombudsman jurisdiction expansion",
     "source": "https://bankomb.org.nz/about-us/media-releases/2025-media-releases",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w11-aml-cft-financial-crime",
   "standing_position": "[SENTINEL-FED] NZ's AML/CFT regime rests on the AML/CFT Act 2009 (in force 30 June 2013). Payments-relevant supervision currently splits across three supervisors — RBNZ (banks, life insurers, NBDTs), FMA (issuers/market services), and DIA (money remitters, money changers, payment service providers and DNFBPs). A major reform consolidates supervision into a SINGLE supervisor (DIA) with a new levy funding model; from 1 June 2025 customer risk-rating and online-marketplace coverage took effect. The Police FIU receives SARs/PTRs via goAML.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "FIU / FATF-APG coordination",
     "source": "sentinel://https://www.dia.govt.nz/Regulatory-Stewardship---AML-CFT",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "AML/CFT Act 2009 (extended 2018 to all DNFBP sectors) with three supervisors — RBNZ, FMA, DIA — and NZ Police FIU (NZPFIU). Strong ML prosecution/asset-forfeiture record but historically weak targeted financial sanctions implementation and beneficial ownership transparency; in FATF enhanced follow-up since 2021 MER.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — New Zealand",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: national divergence",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w12-correspondent-banking-settlement-access",
   "standing_position": "Open banking live 1 Dec 2025 under CPD Act 2025; RBNZ March-2025 ESAS access expansion to non-bank entities in two phases.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "ESAS access expansion",
     "source": "https://www.rbnz.govt.nz/money-and-cash/future-of-money/payments",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ESAS phased non-bank access",
     "source": "https://www.minterellison.co.nz/insights/rbnz-expands-access-to-the-settlement-accounts",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ESAS as clearing-system prerequisite",
     "source": "https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bulletins/2022/new-zealands-payment-landscapea-primer.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Correspondent-banking de-risking",
     "source": "https://islandsbusiness.com/commentary/pacific-banking/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/new-zealand/#w13-commercial-intelligence-fintech",
   "standing_position": "Inbound consolidation: Shift4/Smartpay completed (~NZ$296.4m); Cuscal/Paymark (A$27m/c.€17m) PENDING completion (French Works Council + put option) expected by 30 June 2026, not completed at 27 June 2026; Klarna/Laybuy BNPL consolidation.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "M&A — Shift4/Smartpay",
     "source": "https://investors.shift4.com/news-events/press-releases/detail/265/shift4-to-acquire-australian-payments-leader-smartpay",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "M&A — Cuscal/Worldline (Paymark)",
     "source": "https://www.globenewswire.com/news-release/2026/05/29/3303392/0/en/worldline-new-zealand-payment-activities-divestment-finalised-press-release.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "M&A — Cuscal/Paymark detail",
     "source": "https://www.interest.co.nz/banking/138093/australias-cuscal-acquiring-electronic-payments-processor-worldline-new-zealand-and",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Product / challenger-bank development",
     "source": "https://fintechnews.au/119491/new-zealand/5-fintech-startups-from-new-zealand-to-watch-in-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNPL consolidation",
     "source": "https://www.mordorintelligence.com/industry-reports/newzealand-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}