The Payments System Board of the Reserve Bank of Australia convened in June 2025 to discuss several significant issues related to the nation's financial infrastructure. The meeting covered topics such as ASX's response to a CHESS batch failure incident, regulatory reforms, and the safety of Australia's real-time gross settlement system.

A major point of discussion was ASX's handling of a CHESS batch failure from December 2024. The Board reviewed ASX's response to an out-of-cycle assessment by the RBA on ASX Clear and ASX Settlement. Concerns were raised over ASX's lack of detail in its plans to address identified issues. As a result, the RBA has sought further information and received additional details. The Board has tasked staff with exploring regulatory options for current CHESS resourcing and ensuring that CHESS Replacement is resilient enough for critical financial market infrastructure.

The Board also examined progress in financial market infrastructure regulatory reforms and resolution planning. It endorsed public consultation on guidance that would inform stakeholders about when and how the RBA might exercise crisis resolution powers at Australian clearing and settlement facilities.

Regarding Australia's real-time gross settlement system, the Board received updates on recommendations from a March 2024 assessment of the Reserve Bank Information and Transfer System (RITS). Although meaningful progress was acknowledged, it is unlikely that improvements will be fully implemented by the next scheduled assessment in March 2026.

In addition, a review of merchant card payment costs and surcharging was discussed. Various policy options are being considered to enhance competition, efficiency, and safety within the payments system. A consultation paper seeking feedback on preliminary conclusions is expected in July.

Efforts to improve security, efficiency, and competition for online card payments were addressed through a new Standard developed by AusPayNet. This standard aims to facilitate merchant switching between providers by detailing requirements for transferring customer payment data. Industry compliance with this standard is anticipated by July 1, 2026.

Minor amendments were approved for the ATM Access Regime due to changes in how the associated ATM Access Code is managed by industry.

Finally, an amendment was made to the RBA’s policy on conflicts of interest to support constructive engagement with the payments industry. This change allows staff from Payments Policy Department and Banking Department to participate in industry committees or working groups with broad representation.