Australian Payments Network (AusPayNet), the self-regulatory body for the payments industry, and Australian Payments Plus (AP+), the domestic payments provider, have welcomed the ACCC’s decision to grant interim authorisation to start preparatory work to develop a common industry vision regarding the future of account-to-account payments infrastructure in Australia.

Andy White, CEO of AusPayNet emphasised that, “determining a vision for the future state of account-to-account payments is critical in ensuring that Australia’s economy continues to benefit from a modern and resilient payments system”.

“Interim authorisation will enable us to more effectively engage with our members, and other stakeholders, including end-users, the Reserve Bank of Australia (RBA) and Commonwealth Treasury,” he said.

“It will also enable us to take steps to better coordinate industry efforts to address the recommendations in the RBA’s recent Risk Assessment on the proposed decommissioning of the Bulk Electronic Clearing System (BECS),” he added.

“With interim authorisation now in place, we can drive the industry coordination that the RBA has called for - it's an important step in developing a shared vision for the future of account-to-account payments,” said Lynn Kraus, CEO of AP+.

“As an industry we have a unique opportunity to modernise Australia’s payments system to support a more digitally enabled economy and enable greater competition, innovation and productivity. This requires strong coordination between AP+, AusPayNet, the RBA, Treasury and the broader industry,” added Kraus.

The interim authorisation applies to AusPayNet, AP+, members of BECS (87 banks and fintechs), members of the New Payments Platform (NPP), and other businesses involved in account-to-account payments. It enables these organisations to establish processes, gather information, commence planning and conduct other preparatory work.

The work undertaken in this interim phase will support a series of strategic roundtables later this year between AusPayNet, AP+, the RBA and the Commonwealth Treasury. These sessions will help shape a shared vision for the future of account-to-account payments in Australia and define high-level deliverables and milestones for achieving that vision, including clear prioritisation and sequencing. The Roundtables will ensure that members of BECS and the NPP, operators of alternative payments systems to BECS, and key end-user groups are appropriately engaged through the process. The roundtables are intended to take place in the second half of 2025, subject to the ACCC’s final determination.