ANZ's NZ arm does core banking merge

The New Zealand arm of ANZ Bank's operation is set to migrate its core banking platform into a single system with subsidiary, The National Bank.

The New Zealand arm of ANZ Bank is set to migrate to the core banking platform of its subsidiary, The National Bank.

Announced to the ASX this morning, ANZ New Zealand will look to adopt the National Bank's FIS Systematics core banking platform by late 2011.

ANZ New Zealand made the decision to move onto a single system to provide the customers of both banks faster and cheaper banking, and to reduce duplication of work between the two brands.

"Running two banking IT systems has resulted in a large amount of duplicated time and wasted effort," David Hisco, ANZ New Zealand's chief executive officer said in a statement.

The core banking transition will also give customers the ability, from 1 January 2011, to use either bank's ATMs free-of-charge.

ANZ's Australian arm told ZDNet Australia that New Zealand's migration to FIS Systematics will have no impact on local operations.