The Reserve Bank of Australia released an update on Mar. 10 regarding the payments industry’s progress over the past year in addressing recommendations from its Risk Assessment into the proposed decommissioning of the Bulk Electronic Clearing System (BECS).
This update is significant as it reflects ongoing efforts to modernise account-to-account (A2A) payments in Australia, a process that affects businesses and consumers who rely on electronic payment systems. The RBA said it welcomes industry efforts to implement previous recommendations, especially those aimed at improving coordination and engaging directly with end users.
In December 2025, AusPayNet announced it would remove the target end-date of June 2030 for BECS until a clear roadmap for A2A payments is developed. The RBA noted that this decision has reduced immediate risks related to a disorderly transition away from BECS. However, the update also points out that several areas of risk remain or have become more prominent. Key stakeholders have raised concerns about a lack of consensus within the industry regarding how best to process bulk payments in the future, which is slowing effective decision-making and analysis needed for A2A payment reforms.
The RBA warned that if industry participants cannot make coordinated progress on modernising A2A payments, it may take further action to ensure outcomes are achieved in the public interest. According to the official website, the Reserve Bank of Australia manages Australia’s gold and foreign exchange reserves and pursues goals such as maintaining currency stability, fostering full employment, and promoting economic welfare.
Michele Bullock has served as governor since Sept. 18, 2023, chairing key boards including Governance, Monetary Policy and Payments System Boards, with Andrew Hauser as deputy governor according to the official website. The central bank established its Payments System Board in 1998 to enhance safety and efficiency in Australia’s payments system according to its official website.
The Reserve Bank also issues durable banknotes designed for counterfeit resistance according to its official website. As discussions continue about modernising payment infrastructure, observers will be watching how industry stakeholders respond to these highlighted risks.
