The Reserve Bank of Australia and the Australian Treasury welcomed a public consultation launched by Australian Payments Network and Australian Payments Plus on the future of Australia’s account-to-account payments system, and the RBA published a companion paper setting out its public interest framework for evaluating the system’s future direction. Developing a clear vision for account-to-account payments consistent with public interest considerations was a foundational recommendation of the RBA’s recent risk assessment of the proposed decommissioning of the Bulk Electronic Clearing System (BECS). The RBA’s framework focuses on ensuring all end users have access to payment options that meet their needs and are cost-effective, reliable and safe, and highlights the role of effective industry governance, resilient infrastructure, and competition and innovation among participants. AusPayNet administers the BECS framework for batch account-to-account payments such as payroll and welfare, while AP+ provides the New Payments Platform and the BPAY billing service. Submissions are to be made through the consultation processes published by AusPayNet and AP+.
Reserve Bank of Australia 2025-07-02
Reserve Bank of Australia publishes public interest framework backing industry consultation on future account-to-account payments system
The Reserve Bank of Australia and the Australian Treasury support a public consultation by Australian Payments Network and Australian Payments Plus on the future of Australia's account-to-account payments system. The RBA released a paper outlining its public interest framework for evaluating the system's direction. This follows the RBA's risk assessment of decommissioning the Bulk Electronic Clearing System, emphasizing access, cost-effectiveness, reliability, safety, governance, infrastructure resilience, and competition.