TBH since its all done a a batch process by a server, why does it even need to wait for "business hours" on the Monday anyway?

PhantomNVD:

TBH since its all done a a batch process by a server, why does it even need to wait for "business hours" on the Monday anyway?

Linux:

PhantomNVD:

 

TBH since its all done a a batch process by a server, why does it even need to wait for "business hours" on the Monday anyway?

 

Someone to watch for issues during batch processing and I suspect fraud team monitor it as well for out of pattern transfers

John

Yep fully correct. I can't go into too much detail but whilst the system is automated fully there is still a requirement to have "humans" watching for alerts that may arise, failed / corrupt batches (it happens with all banks) and also to ensure our systems reach cutoff with each bank. Believe me, even though the systems are incredibly stable there are still problems as to be expected as humans are still initiating the payments.

If this was automated 24/7 it'll make it harder to do system maintenance, do fraud checking and funds retrieval if this ever happens (we're given a small window) and I can't imagine the amount of problems this could well create for all banks as they're all different with different systems.

All banks get on well with one another - we communicate with the other banks (and vice versa) to help one another help when an issue happens. For an automated system there is still way too much human involvement required to fully automate all the things and when you're dealing with money you can't really screw up here.

We're incredibly lucky to have the Reserve Bank who comes up with policies for all banks to get us talking on the same level. We're actually years ahead in the banking industry compared to Australia and the US (believe me!).

For more information about the RBNZ role check out

https://www.rbnz.govt.nz/markets-and-payments/esas/esas-rtgs-overview

It's more operational than you might think of a regulator.