Media Release Payment Systems and Netting Act 1998: Approval of Netting Arrangement

At its 22 May 2015 meeting, the Payments System Board determined that each multilateral netting arrangement contained in the Issuers and Acquirers Community Framework (IAC) Regulations and Volume 5 of the IAC Code Set are to be ‘approved multilateral netting arrangements’ under the Payment Systems and Netting Act 1998. The Board's decision provides legal certainty to these arrangements, which are coordinated by the Australian Payments Clearing Association.