The Reserve Bank of Australia’s Payments System Board endorsed its annual assessment of ASX clearing and settlement facilities and advanced work on account-to-account payments, tokenised settlement infrastructure and cash distribution. The assessment will be published after it is provided to ASX, the treasurer and the Australian Securities and Investments Commission. The board acknowledged initiatives to improve CHESS resilience and safely deliver CHESS Replacement Release 1, but said ASX still faces significant governance, culture and risk management challenges. It called for robust, independent governance of the ASX Transformation Portfolio that prioritises safe and reliable critical infrastructure. Building on the recently published account-to-account payments vision, the board also considered the roadmap needed to implement it. Industry must reach consensus on the future of the Bulk Electronic Clearing System, resilience and contingency arrangements, payment capabilities, account reach and standardisation. The board again signaled that the RBA should consider further action if coordinated industry progress remains insufficient. The board endorsed a proposed consultation on how the Reserve Bank Information and Transfer System could support tokenised wholesale asset markets and tokenised money, focusing on infrastructure needed for safe, scalable tokenised finance. It also welcomed the commencement of the Cash Distribution Framework Act 2026. The framework is intended to support market-led solutions while providing a regulatory backstop when participants cannot resolve threats to the viability of cash distribution.

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