The Reserve Bank of Australia (RBA) has proposed the establishment of a new industry co-ordinator, the Australian Payments Council (APC).
Together with the Australian Payments Clearing Association, the central bank has published a consultation paper on the issue, which is available from APCA’s website. The move follows a review of Australian payments systems innovation in 2012 which exposed major obstacles to achieving industry co-ordination.
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Chris Hamilton, CEO of APCA, said that one of the new body’s roles will be to help the RBA make its target of rolling out new real-time faster payments system by 2016.
He said: "The proposal to establish the APC emerged at the same time as the Reserve Bank announced its strategic objectives for real-time payments.
"That’s already being addressed separately to move quickly, but it’s the type of issue that the APC has been designed to deal with."
The APC will be comprised of various parties from the payments industry, including banks, payment and service providers and organisations representing consumers, merchants, businesses and public agencies.
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By GlobalDataAustralians wishing to comment on the proposals have until 18 November to read and pass comment on the consultation paper.
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