A wholey agenda in Austalian payments

Ian Rogers Payments, mobile & wallets

An “increase in disruptions [and] operational outages in retail payment services,” will be scrutinised via better reporting but, it seems for now, with no more intervention, the Payments System Board said on Friday.

Current levels of reporting are rather thin on this topic and for more than six years the PSB and the Reserve Bank have been making noises about quantifying the problem.

The PSB is still “working with the industry and Australian Prudential Regulation Authority on a standard set of operational performance statistics to be disclosed by individual institutions,” the board said in its media release.

The board said it “discussed evidence” of this entrenched industry problem “and stressed the importance of having reliable retail payment services”.

The PSB also announced that it “agreed that a holistic review of the regulatory framework for card payment systems will commence in early 2020”.

The conclusions of a review on the operation of interchange standards may be published this week.

The PSB also said its joint consultation with the Australian Competition and Consumer Commission into functionality and access on the New Payments Platform “will be published in coming weeks”.