The Reserve Bank of Australia (RBA) and The Treasury have announced the launch of a public consultation on the future of the account-to-account payments system. This initiative is being conducted by the Australian Payments Network and Australian Payments Plus.
The need for a clear vision for this payments system, aligned with public interest considerations, was emphasized in a recent RBA Risk Assessment concerning the proposed decommissioning of the Bulk Electronic Clearing System.
RBA Assistant Governor (Financial System) Brad Jones stated, “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 aid in developing this vision, the RBA is releasing a paper detailing its public interest framework for the account-to-account payments system. Key to this future system’s success will be ensuring it offers all end users access to payment options that are cost-effective, reliable, and safe. Achieving these goals will require effective industry governance, resilient infrastructure, and fostering competition and innovation among participants.
Australian Payments Network (AusPayNet), which administers Australia’s Bulk Electronic Clearing System framework, is collaborating with Australian Payments Plus (AP+), provider of Australia’s New Payments Platform and BPAY billing service.
Details about accessing the consultation paper and submission process can be found at www.auspaynet.com.au/insights/consultations/A2Avision or www.auspayplus.com.au/stakeholder-engagement/public-consultations.
