Memorandum of Understanding for Liaison Procedures between the RBA and AusPayNet

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

AusPayNet was founded in 1992 to set, manage and develop regulations and standards governing payments clearing and settlement within Australia. It has around 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 AusPayNet since its inception. The RBA also has special rights of representation, including an automatic right to appoint representatives to the AusPayNet 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 AusPayNet, the two organisations have agreed to a Memorandum of Understanding for liaison procedures. Under the arrangements, senior staff from the RBA will consult with AusPayNet on a regular basis on issues of common interest.