AusPayNet and AP+ launch consultation on future of Australian A2A payments

Editorial

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Australian Payments Network (AusPayNet), the self-regulatory body for the payments industry, and payments provider Australian Payments Plus (AP+) are looking for feedback from stakeholders and end-users.

The move comes shortly after the Reserve Bank of Australia called for more clarity in planning for the decommissioning of the Bulk Electronic Clearing System (Becs), arguing that the industry is yet to arrive at a shared vision of the desired features of account-to-account payments in Australia and that there has been insufficient industry coordination, planning and certainty regarding the transition.

Australians rely on Becs for a wide range of critical payments, including welfare, pension, salary, and bill payments. AusPayNet and AP+ note that A2A payment systems can support these and a host of other consumer, business and government payments.

Now, they hope the consultation identifies the current and future payment needs and expectations of the users of Australia’s A2A payments systems, including consumers, businesses, government, financial institutions, payment service providers, and other key stakeholder groups.

The RBA has welcomed he development, with assistant governor Brad Jones saying: “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.”

AP+ CEO Lynn Kraus adds: “The insights and feedback we gather will inform the industry’s strategic approach to account-to-account payments and ensure we’re addressing the priorities and needs of all stakeholders.”