The Reserve Bank of Australia (RBA) and The Treasury have announced the release of a public consultation by Australian Payments Network and Australian Payments Plus. This initiative focuses on the future of the account-to-account payments system in Australia.
The consultation aims to establish a clear vision for the account-to-account payments system, aligning with public interest considerations. This follows a recent RBA Risk Assessment regarding the proposed decommissioning of the Bulk Electronic Clearing System.
RBA Assistant Governor (Financial System) Brad Jones stated, “The account-to-account system supports consumers, businesses and government agencies in their everyday economic activities. It is a vital part of Australia’s financial infrastructure. This consultation provides a broad range of stakeholders the chance to provide input into how the system can be modernised to meet the opportunities and challenges of the future, in the public interest.”
To aid in developing this vision, the RBA is releasing a paper that outlines its public interest framework for the account-to-account payments system. Key elements for success include providing all end users with access to payment options that are cost-effective, reliable, and safe. Achieving these goals will require effective industry governance, resilient infrastructure, and competition and innovation among participants.
Australian Payments Network (AusPayNet), as a self-regulatory body for the payments industry, administers the framework for Australia’s Bulk Electronic Clearing System. This system processes batch account-to-account payments such as payroll and welfare payments.
Australian Payments Plus (AP+) offers Australia’s fast payment system known as the New Payments Platform and also provides BPAY billing services.
Further details about this consultation process can be found at www.auspaynet.com.au/insights/consultations/A2Avision or www.auspayplus.com.au/stakeholder-engagement/public-consultations.
