Reserve Bank of Australia and payments roundtable launch consultation on draft vision for account-to-account payments

The Reserve Bank of Australia, through the Account-to-Account Payments Roundtable, has opened a public consultation on a draft vision for the future of Australia’s account-to-account (A2A) payments system. The draft vision is the next step in a broader multi-step process to set a shared long-term direction for A2A payments and support a later industry roadmap, with the aim of giving stakeholders greater clarity on the future development of A2A payment products, services and infrastructure. The roundtable brings together Australian Payments Network (AusPayNet), Australian Payments Plus (AP+), the Reserve Bank of Australia and Commonwealth Treasury. Developed through the roundtable process after extensive stakeholder engagement and drawing on last year’s AusPayNet and AP+ consultation, the draft vision sets long-term outcomes for the system to remain safe, reliable, low cost, easy to use and inclusive for consumers, businesses and government agencies. It also outlines the qualities the system should demonstrate to deliver those outcomes as technology, automation and user preferences evolve. Submissions close on 22 May. Feedback will be used to refine and finalise the vision, which will then inform an industry roadmap covering the prioritisation and sequencing of deliverables and milestones, consistent with public interest considerations.