Media Release Payments System Board Update: August 2026 Meeting

At its meeting today, the Payments System Board discussed a range of issues, including:

• The annual Assessment of the ASX clearing and settlement facilities against the Financial Stability Standards. The Board endorsed the RBA’s Assessment, which will be published after it has been provided to ASX, the Treasurer and the Australian Securities and Investments Commission. ASX is undergoing a period of substantial organisational change in response to a number of long-running issues raised by the RBA in previous assessments of the ASX. Members noted several initiatives intended to strengthen ASX’s operation of critical infrastructure. These included measures to improve the resilience of CHESS and the safe delivery of CHESS Replacement Release 1. Despite this progress, significant challenges related to ASX governance, culture and risk management require sustained focus. Members discussed the ASX Transformation Portfolio, a substantial program of work intended to address the underlying drivers of these challenges. As this work progresses, ASX must ensure that it has robust and independent governance that prioritises the safe and reliable operation of its critical financial market infrastructure.
• The future of account-to-account (A2A) payments. The Board welcomed the publication of the A2A Payments Vision by the A2A Payments Roundtable and discussed progress in developing the A2A Payments Roadmap – a coordinated program of priorities, deliverables and timelines to achieve the Vision. Members discussed issues that must be resolved, including the future of the Bulk Electronic Clearing System, resilience and contingency arrangements, bulk and pull payment capabilities that meet end users’ needs, account reach gaps and priorities for standardisation. Members emphasised the importance of the industry reaching consensus on these issues and establishing effective structures to deliver the Roadmap. If the industry is unable to make coordinated progress on modernising A2A payments, the Board encourages the RBA to consider further action to achieve outcomes in the public interest.
• Consultation on the Role of RITS in Supporting Settlement in a Tokenised Ecosystem. The Board endorsed the proposed approach to consulting on the role of the Reserve Bank Information and Transfer System (RITS) in supporting the development of tokenised wholesale asset markets and tokenised money in Australia. Members noted that the consultation was one of several initiatives the RBA had committed to in the Project Acacia Final Report, and represented the next step in a program of inter-agency work aimed at supporting responsible innovation in Australia’s financial system. The focus of the consultation will be directed at identifying the infrastructure capabilities needed to support the safe and scalable development of tokenised finance in Australia. Members noted that the findings of the consultation would complement a broader program of work on modernising RITS functionality and access to ensure it remains fit for the future.
• Cash distribution regulatory framework. Access to cash remains important for many Australians, particularly in regional and remote communities. Members welcomed the new Cash Distribution Framework Act 2026, which commenced today, as a significant step towards supporting the long-term sustainability of the cash distribution system. Members discussed the RBA's preparedness for implementation, noting that the framework is intended to support market-led solutions wherever possible, while providing a backstop where threats to the viability of the cash distribution system cannot be resolved by participants and intervention becomes necessary to resolve a crisis in the cash distribution system.