Media Release Industry Consultation on the Future of the Account-to-Account Payments System

The Reserve Bank of Australia (RBA) and The Treasury welcome the release of a public consultation today by Australian Payments Network and Australian Payments Plus on the future of the account-to-account payments system.

Formulating a clear vision for the account-to-account payments system that is consistent with public interest considerations is a foundational recommendation of the recent RBA Risk Assessment on the proposed decommissioning of the Bulk Electronic Clearing System.

RBA Assistant Governor (Financial System) Brad Jones said: “The account-to-account system supports consumers, businesses and government agencies in their everyday economic activities. It is a vital part of Australia’s financial infrastructure. This consultation provides a broad range of stakeholders the chance to provide input into how the system can be modernised to meet the opportunities and challenges of the future, in the public interest.”

To support the development of the vision, the RBA is publishing a paper outlining our public interest framework for the account-to-account payments system. Central to the success of the future system is its ability to provide all end users with access to payments options that are capable of meeting their needs, and that are cost-effective, reliable and safe. Achievement of these objectives will require effective industry governance arrangements, resilient infrastructure and competition and innovation among participants.

Background

Australian Payments Network (AusPayNet) is the self-regulatory body for the payments industry. It administers the framework for the Bulk Electronic Clearing System – Australia’s system for processing batch account-to-account payments, including payroll and welfare payments.

Australian Payments Plus (AP+) is the provider of Australia’s fast payment system – the New Payments Platform – as well as the BPAY billing service.

The consultation paper, and details about the submission process, can be accessed at either of the following locations:

www.auspaynet.com.au/insights/consultations/A2Avision

www.auspayplus.com.au/stakeholder-engagement/public-consultations