RBA looks to jump-start innovation with new Australian payments body

RBA looks to jump-start innovation with new Australian payments body

Frustrated by the slow pace of innovation in the Australian payments industry, the country's central bank has moved to establish a new industry co-ordination body, the Australian Payments Council.

The proposed Council will comprise diverse parties from within the payments industry, including financial institutions, payment schemes and other payment and service providers, and will run in conjunction with a User Consultation Group, representing the interests of consumers, merchants, businesses and public agencies.

The establishment of the Council follows a hard-hitting 2012 review of payments systems innovation in Australia, which uncovered inherent challenges in achieving industry coordination on major strategic issues. In particular, the RBA believes the shake-up in governance will help it achieve its goal of introducing a real-time faster payments system in the country by 2016.

A consultation paper outlining the proposal is available on the Website of the Australian Payments Clearing Association. Responses are requested by 18 November 2013.

Comments: (1)

Jan-Olof Brunila
Jan-Olof Brunila - Swedbank - Stockholm 28 October, 2013, 07:431 like 1 like

Perhaps the RBA should focus on the present business case for providers of novel payment services? If there is no profit to make the lack of initiative is no surprise. If the profit prospects are good multiple providers will compete with each other for the market.