The Australian Payments Clearing Association (Apca) says it sees no need to close the country's cheque clearing system, following a year-long consultation with payment stakeholders.
Sounds like a sensible and pragmatic decision, although the words "though it needs to be understood that users may be charged fees as a result of increase in marginal costs" may be challenged for certain priority users, (e.g. older people), on grounds of
financial exclusion. On the other hand cranking up the fees to encourage those dealing in real estate to use something more functional/sensible (and then providing it - the real challenge) sounds much more reasonable.
The upcoming SuperStream changes will significantly reduce the use of cheques for Super contributions, which become EFT only from mid 2013. Courtesy of the Gillard government.
Thankfully, the this handy 'remittance' for Super admin teams will be replaced by standard xbrl data delivered electronically; correct use of which seems set to be highly regulated by the ATO.
Roll on the day the UK government does something similar for pension contributions.
SuperStream does require EFT payment of super/pension contribution and rollovers by mid 2013 onwards to streamline remittance.
XBRL member data will be provided seperately or linked to super payments via a URL conveyed within the DE system message fields for access via web services.
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© Finextra Research 2014