Australia’s payment industry, along with its domestic payments provider, has initiated a public consultation regarding the future of account-to-account (A2A) payments in the country.
The Australian Payments Network (AusPayNet), the self-regulatory authority for the payments sector, and payments provider Australian Payments Plus (AP+) are seeking feedback from stakeholders and end-users. This initiative follows the Reserve Bank of Australia’s (RBA) recent call for clarity in the planning for the decommissioning of the Bulk Electronic Clearing System (Becs). The RBA emphasized the need for a unified vision of desired features for account-to-account payments in Australia, citing insufficient industry coordination and planning.
Becs is essential for a variety of critical payments in Australia, including welfare, pensions, salaries, and bills. AusPayNet and AP+ believe that A2A payment systems can facilitate these transactions, as well as many other payments for consumers, businesses, and government entities.
The consultation aims to identify the current and future needs and expectations of users of Australia’s A2A payment systems, encompassing consumers, businesses, government, financial institutions, payment service providers, and other key groups.
The RBA has expressed its support for this development. Assistant Governor Brad Jones stated, “This consultation offers a wide array of stakeholders the opportunity to contribute to modernizing the system to meet future challenges and opportunities in the public interest.”
AP+ CEO Lynn Kraus emphasized the importance of the feedback gathered during this process, indicating it will shape the industry’s strategic direction for account-to-account payments and address the priorities and needs of all stakeholders.