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RESERVE BANK OF AUSTRALIA

Memorandum of Understanding for Liaison Procedures between the RBA and APCA

Since May 2007, the Reserve Bank of Australia (RBA) and the Australian Payments Clearing Association (APCA) have had procedures for liaison on payments policy issues.

APCA was founded in 1992 to set, manage and develop regulations and standards governing payments clearing and settlement within Australia. It has nearly 100 members who are involved in payments clearing including banks, building societies and credit unions. As a participant in payment systems, the RBA has been a member of APCA since its inception. The RBA also has special rights of representation, including an automatic right to appoint representatives to the APCA Board and certain management committees, with the RBA represented from the operational, rather than policy, areas of the Bank.

To help ensure continued close cooperation between the RBA and APCA, the two organisations have agreed to a Memorandum of Understanding for liaison procedures. Under the arrangements, senior staff from the RBA will consult with APCA on a regular basis on issues of common interest.