Payments System Board Annual Report 2021

At a Glance

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The payments landscape is changing rapidly

The way Australians make their payments is continuing to evolve, driven by innovation and changing end-user expectations.

The Bank has updated strategic priorities for payments policy

Support the shift towards digital payments

Research central bank digital currencies and other innovations in payment systems and Financial Market Infrastructures (FMIs)

Identify and resolve any competition and efficiency issues associated with new technologies and new players in the payments system

Promote the safety and resilience of FMIs and payment systems

Work with the government to implement reforms to the regulation of FMIs, including crisis management powers over Australian clearing and settlement (CS) facilities

The changing payments landscape has influenced the Bank's policy work

Recent policy work has focused on promoting competition and efficiency in the payments system, enhancing the resilience and security of electronic payment services and addressing policy issues associated with new players and innovations.

Financial market infrastructures have contributed to financial stability

The FMIs supervised by the Bank underpin well-functioning financial markets and a stable financial system. The Bank has made recommendations to strengthen the governance, operational resilience and financial risk management of FMIs.