RBA Proposes Industry Council for Payments Strategy in Australia

Oct. 21, 2013

The Reserve Bank of Australia and the Australian Payments Clearing Association today announced they are seeking to jointly establish a new body that will set strategic goals for the payments system in the country. The groups have published a paper outlining the impetus for the initiative and the objectives of such a body . The proposal calls for the creation of the Australian Payments Council, which would include a senior-level council made up of a rotating membership from the country’s payment industry and a Payments Community—a larger group that would have access to the discussions of the Council. The broad base of prospective members includes “participants in the Australian payments system, operators of the Australian payments system and other organizations with a significant interest in the Australian payments system.”

The proposal grew out of the recommendations of the Strategic Review of Innovation in the Payments System made by the Payments System Board (PSB) in 2012. In the review, the PSB recommended “regular and ongoing engagement between it and the industry on strategic objectives and other industry issues,” and that the central bank should “work with the industry on constituting and enhanced industry coordinating body that would engage directly with the PSB.”

Organizations that would like to become part of the proposed group can contact the Head of Payments Policy Department at the Reserve Bank of Australia, GPO Box 3947, Sydney NSW 2001 or pysubmissions@rba.gov.au.