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RBA Glossary definition for direct debit

direct debit – A pre-authorised debit on the payer's bank account initiated by the recipient (payee).

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Commonwealth of Australia: In the Australian Competition Tribunal – April 2004 | Payments System | Submissions

8 May 2024 Submissions
Financial institutions do not agree to pay fees between themselves when their customers use cheques, direct debits or direct credits for making payments; customers pay fees and charges for these payment ... Furthermore, interchange fees for debit card
https://www.rba.gov.au/publications/submissions/payments-system/au-competition-tribunal/index.html

Inquiry into Future Directions for the Consumer Data Right – April 2020 | Payments System | Submissions

8 May 2024 Submissions
Direct debit allows payments to be initiated by a merchant's financial institution, with the customer authorisation held by the merchant. ... Credit cards and some debit cards allow payments to be initiated by a merchant with the customer's card number
https://www.rba.gov.au/publications/submissions/payments-system/future-directions-for-the-consumer-data-right/index.html

Submission to Payments System Review – January 2021 | Responses and Options Paper

8 May 2024 Submissions
AusPayNet develops and administers rules and standards governing payments clearing and settlement in Australia, specifically in relation to cards, cheques, direct debits and credits, and high-value payments, as well as ... Payments often happen
https://www.rba.gov.au/publications/submissions/payments-system/submission-to-payments-system-review-01-2021/index.html

Submission to the Senate Inquiry into Matters Relating to Credit Card Interest Rates-Credit Cards as Payment Instruments

8 May 2024 Submissions
The study found that direct debit payments had the lowest resource costs, while cheques were the most expensive payment instrument (The difference in resource costs across the various payment instruments reflect ... For example, direct debit payments
https://www.rba.gov.au/publications/submissions/financial-sector/inquiry-matters-relating-to-credit-card-interest-rates-2015-08/credit-cards-as-payment-instruments.html

Applications for Authorisation in Relation to PIN@POS – Auguest 2013 | Payments System | Submissions

8 May 2024 Submissions
Graph 1. In the Australian card payment market, a significant number of debit cards on issue are ‘dual-network’ cards. ... As part of the PIN@POS implementation, MasterCard and Visa have proposed a joint public communications strategy that includes
https://www.rba.gov.au/publications/submissions/payments-system/applications-for-authorisation-re-pin@pos-2013-08/index.html

Inquiry into Mobile Payment and Digital Wallet Financial Services – July 2021 | Payments System | Submissions

8 May 2024 Submissions
These wallets enable consumers to make contactless (and in some cases online) payments with a smartphone or other consumer device using a digital representation of their debit and/or credit cards. ... While technology platforms have the potential to
https://www.rba.gov.au/publications/submissions/payments-system/inquiry-into-mobile-payment-and-digital-wallet-financial-services/index.html

Submission to the Senate Inquiry into Matters Relating to Credit Card Interest Rates-Introduction

8 May 2024 Submissions
As part of its work, the Bank collects and publishes data on credit and debit cards as well as other payment methods. ... While the Bank's payments system reforms have reduced the incentive for consumers to use credit cards over debit cards, the
https://www.rba.gov.au/publications/submissions/financial-sector/inquiry-matters-relating-to-credit-card-interest-rates-2015-08/introduction.html

Increasing the Threshold for the Application of the Financial Stability Standards for Securities Settlement Facilities: Conclusions Paper

15 Apr 2024 Consultations PDF 506KB
2.2 A securities settlement facility should have documented governance arrangements that provide clear and direct lines of responsibility and accountability. ... 9.2 A securities settlement facility operating a central securities depository should
https://www.rba.gov.au/publications/consultations/2023-11-increasing-the-fss-threshold-for-sffs/pdf/2023-11-increasing-the-fss-threshold-for-sffs-conclusions-paper.pdf

Reforms to the Payment Systems (Regulation) Act 1998

20 Dec 2023 Submissions PDF 306KB
other regulators can give effect to the directions as intended. • In particular, if the Treasurer is to direct action and assign responsibilities in fields that are outside. ... accept Mastercard or Visa debit or prepaid cards, and vice-versa. However,
https://www.rba.gov.au/publications/submissions/payments-system/pdf/treasury-consultation-on-reforms-to-the-psra-submission-07-07-2023.pdf

Reforms to the Payment Systems (Regulation) Act 1998

1 Dec 2023 Submissions PDF 446KB
Submission to Consultation on Exposure Draft Legislation
https://www.rba.gov.au/publications/submissions/payments-system/pdf/reforms-to-the-payment-systems-regulation-nov-2023.pdf