Media Release Formation of the Australian Payments Council
The Reserve Bank of Australia welcomes the establishment of a new coordination body for the Australian payments industry – the Australian Payments Council – and the appointment of Ms Christine McLoughlin as its inaugural Chair. The Council will aim to foster the ongoing development of the Australian payments system to ensure it continues to meet the changing needs of its users with innovative, safe and competitive payment services. This will complement the oversight of the payments system in the public interest by the Bank and its Payments System Board.
The Bank and the Australian Payments Clearing Association (APCA) have been working to support the establishment of the Council since the publication of the conclusions of the Bank's Strategic Review of Innovation in the Payments System in 2012. This has included a joint public consultation on the proposed framework conducted in late 2013 and early 2014. The Bank is separately establishing a user consultation group that will provide a more structured way for users of the payments system to express views or concerns to the Bank. This is expected to be operational around the end of 2014.
The Bank wishes to express its gratitude to the thirteen organisations that have committed senior executives to the initial Australian Payments Council, along with those that in the first instance will be contributing through their participation in the Payments Community that supports the Council. It encourages other organisations with a significant interest in the Australian payments system also to participate in this new coordination framework.
The Bank looks forward to a productive relationship with the Council in the years to come.