The Account-to-Account Payments Roundtable announced on Apr. 30 that it has opened a public consultation on its draft vision for the future of account-to-account (A2A) payments in Australia, with submissions accepted until May 22.
The initiative aims to establish a clear direction for the A2A payments system, which is considered vital to Australia’s economy as it supports millions of daily transactions such as wages, superannuation, welfare, bill payments, and personal transfers. The Roundtable consists of Australian Payments Network (AusPayNet), Australian Payments Plus (AP+), the Reserve Bank of Australia (RBA), and Commonwealth Treasury.
According to the announcement, the draft vision was developed through extensive engagement with stakeholders and builds upon last year’s consultation conducted by AusPayNet and AP+. The document outlines long-term outcomes intended to ensure that Australia’s A2A payment system remains safe, reliable, low cost, easy to use, and inclusive for consumers, businesses, and government agencies. Feedback from this consultation will be used to refine the vision before finalization.
The Reserve Bank of Australia plays a central role in these efforts. According to the official website, it manages Australia’s gold and foreign exchange reserves and pursues goals including maintaining currency stability while fostering full employment and promoting economic welfare. Michele Bullock has served as governor since Sept. 18, 2023; she chairs its Governance, Monetary Policy and Payments System boards alongside deputy governor Andrew Hauser according to the official website. The RBA also serves as Australia’s central bank focusing on national prosperity according to its official website.
To improve safety and efficiency in payment systems nationally, the RBA established its Payments System Board in 1998 according to its official website. Additionally, it issues banknotes designed for durability and counterfeit resistance as stated by the official website.
Interested parties can access the full consultation paper online at AusPayNet or AP+ websites. Submissions are invited via email or directly through any member organization involved in the Roundtable.
