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AusPayNet welcomes the final report of Government review of the Australian payments system

Source: AusPayNet

Australian Payments Network (AusPayNet) – the payments industry self-regulatory body – today welcomed the final report and recommendations of the Federal Government’s Review of the Australian Payments System, which will benefit consumers and businesses and enable innovation.

The recommendations align with AusPayNet’s submission and acknowledge the need for enhanced payments leadership, more aligned payments regulation and simplified payments licensing.

AusPayNet CEO Andy White said the final report has rightly focused on servicing the end-users of payments and on the efficiency of the digital economy.

“The recommendations are strong and build on the policy thinking that led to the introduction of the Consumer Data Right in Australia, putting consumers and businesses at the centre of payments policy,” said Mr White.

The Review recommends a strategic plan created by Government in collaboration with regulators, industry, and end-users. Such strategic direction and clarity in policy objectives will provide much needed certainty for industry investment decisions.

“The proposed direction power will add regulatory flexibility that Australia currently lacks but which it needs as payments continue to change,” said Mr White.

The Review also recommends a functional approach to payments regulation, a new payments licence, and the need for payments licence holders to comply with standards set by authorised industry bodies.

“These recommendations combine to address a current licencing ‘gap’ and ensure a ‘same risk, same rules’ approach to filling it, which will protect consumers and make it easier for payment service providers to access the payments system,” said Mr White.

AusPayNet looks forward to continuing to work closely with Government on the Review to ensure the Australian payments system is strategically positioned to safely maximise end-user outcomes into the future.

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