Australia proposes new body to speed payment systems modernisation
The Reserve Bank of Australia and the Australian Payments Clearing Association have proposed creating a new industry body called the Australian Payments Council, to better coordinate the country’s payments system.
The idea is to foster development of the Australian Payments System by “promoting cooperative industry strategy, engaging in dialogue with the RBAs’ Payments System Board and generating common industry positions that can be recommended for adoption by the industry”. The Council would not have binding powers over market participants but would focus on generating industry consensus.
According to the consultation document, the creation of an Australian Payments Council would be an opportunity for the industry to “seek more effective coordination on important strategic issues and to engage with the regulator to shape the vision for the future of payments in Australia”.
The plan is for the Australian Payments Council to act as a conduit for the industry to discuss the key issues in payments and help convey industry concerns to the RBA, which can then use the information to help guide its policy and support the development of the Australian payments industry.
The consultation is open until 18 November.