365 Banking Update

From May 26th 2023, banks will begin processing payments to and from other banks 365 days a year, including weekends and public holidays.

At PaySauce, we work closely with all the major banks and move hundreds of millions of dollars a month.

Due to the volume, security and time sensitivity of payroll, PaySauce has several ways of connecting to New Zealand's financial institutions, from host-to-host connections through to APIs and, in some cases, trusted third parties like Akahu.

With the move to 365 banking this week a number of banks have updated their systems and as a result we've seen some delays and other unusual behaviour in the timing of payments that we are receiving from banks.

Our biggest priority is to make sure that people's wages continue to get through to them on time, so we have decided to delay the release of our own 365 processing until mid-June. This gives us the opportunity to monitor the impact on payments for a period of time before we make any changes that we need to in response without putting the timing of people's wages in jeopardy.

What this means for our users is that, in effect, there are no changes. As would have occurred previously with PaySauce and any payrolls submitted on the weekend (or King's Birthday) will not be processed until the following working day. We will continue to monitor the changes and post an update when we move to 365-day processing in June.