Industry Leaders Seek Public Input
Australia’s payments sector has launched a crucial national consultation to transform the country’s account-to-account (A2A) payment systems. The Australian Payments Network (AusPayNet) and Australian Payments Plus (AP+) are jointly leading this initiative to modernize Australia’s financial infrastructure.
Why This Matters Now
The push comes as Australia faces growing pressure to:
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Replace the outdated Bulk Electronic Clearing System (BECS)
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Meet demands for faster payment processing
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Create more inclusive financial services
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Align with global payment innovations
“We need coordinated action to build better payment systems,” said RBA assistant governor Brad Jones.
Key Focus Areas for Consultation
The consultation seeks input on:
User needs – What businesses and consumers require
System functionality – Essential features for modern payments
Accessibility – Ensuring inclusive financial access
Transition planning – Phasing out BECS effectively
Who Can Participate?
The initiative welcomes perspectives from:
→ Consumers and households
→ Businesses of all sizes
→ Government agencies
→ Financial institutions
→ Payment service providers
“Everyone’s voice matters in shaping our payment future,” emphasized AP+ CEO Lynn Kraus.
The Path Forward
This consultation aims to:
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Create clear modernization plans
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Build consensus among stakeholders
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Develop reliable alternatives to BECS
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Foster innovation in payment services
Expected Outcomes
The process will likely result in:
✓ A strategic roadmap for A2A payments
✓ Clear timelines for system upgrades
✓ Improved payment speed and reliability
✓ Stronger financial infrastructure