The Reserve Bank of Australia published an update on payments industry progress against recommendations in its risk assessment of the proposed decommissioning of the Bulk Electronic Clearing System (BECS). It notes improved industry coordination and greater direct engagement with end users, and reports that AusPayNet’s removal in December 2025 of the June 2030 target end-date for BECS has largely reduced nearer-term risks of a disorderly transition. The update also highlights persistent and increasingly prominent risks, including insufficient consensus across the account-to-account payments ecosystem on the modernisation agenda, particularly how bulk payments should be processed in future. This lack of alignment is impeding the decision-making and analysis needed to establish a path forward and could cause the industry to lose momentum, with the RBA indicating it would take further action in the public interest if coordinated progress is not achieved.
Reserve Bank of Australia 2026-03-10
Reserve Bank of Australia updates BECS decommissioning risk assessment as AusPayNet removes June 2030 end-date
The Reserve Bank of Australia reported on the payments industry's progress after assessing the proposed decommissioning of the Bulk Electronic Clearing System (BECS). Industry coordination and user engagement have improved, and removing the June 2030 target end-date by AusPayNet has reduced immediate transition risks. However, persistent risks remain due to insufficient consensus on modernising account-to-account payments, potentially hindering progress and prompting further RBA intervention if necessary.