365 Day Payments

365 Day Payments

The way we send and receive payments is changing — and it's great news for our members!

As of May 26, 2023, New Zealand banks now process domestic electronic payments — including credit, debit, automatic payments, bill payments, direct debits, and direct credits — seven days a week, 365 days a year. This means you can make and receive payments into your First Credit Union account every day, including weekends and public holidays.

This change is part of a multi-year industry initiative led by Payments NZ to modernise New Zealand’s payments system, providing faster access to funds and greater flexibility for individuals and businesses.

What’s Different?

Previously, payments made on weekends or public holidays wouldn’t be processed until the next business day — often causing delays. Now, thanks to the Settlement Before Interchange (SBI) system, payments between participating banks are processed and settled daily, even on weekends and holidays.

Participating banks include:
ANZ, ASB, BNZ, Kiwibank, TSB, Westpac, and others, including First Credit Union.

What this means for you:

  • Faster access to funds — payments are no longer held up by non-business days.
  • More control — payments due on weekends or holidays will now be processed on those actual dates.
  • Important — ensure you have sufficient funds in your account to cover payments on their scheduled dates, even if they fall on a weekend or public holiday.

*Please note: Payments made after 11:00pm will be processed the following day.

Intra-Day Payment Processing

To support 365-day payments, our batch file processing now runs intra-day, with frequent updates throughout the day to ensure timely movement of funds:

  • Outward Payments
    Sent to the banking industry every hour on the hour, from 8:00am to 11:00pm daily.
  • Inward Payments
    Received from the banking industry every hour on the half hour, from 8:30am to 10:30am, with a final inward batch received at approximately 1:30am.

This intra-day processing model ensures your payments are moving faster and more reliably than ever before — every day of the year.