The Australian Competition and Consumer Commission (ACCC) has revoked authorisation AA1000495 and substituted authorisation AA1000697, allowing Australian Payments Network Limited (AusPayNet) and both current and future members of the Issuers and Acquirers Community (IAC) Framework to continue agreeing to and implementing specified governance provisions in the IAC Framework regulations. The substituted authorisation is granted for five years. The IAC Framework is described as the payment clearing and settlement system setting minimum standards for conduct and settlement procedures for transactions between banks carried across ATM and card payment networks, including Visa, Mastercard, American Express and eftpos. While the regulations cover broader corporate governance matters such as membership criteria, settlement and dispute resolution, the authorisation application was limited to the certification, suspension and termination provisions. The ACCC’s final determination is published on its public register.
Australian Competition and Consumer Commission 2025-09-11
Australian Competition and Consumer Commission replaces AusPayNet authorisation to allow IAC Framework certification, suspension and termination rules for five years
The Australian Competition and Consumer Commission has revoked authorisation AA1000495 and granted a new authorisation AA1000697 for five years, allowing Australian Payments Network Limited and members of the Issuers and Acquirers Community Framework to continue implementing specified governance provisions. This authorisation pertains to the payment clearing and settlement system, covering certification, suspension, and termination provisions.