Payments System & Regulation

Armaguard will need to be transparent and open its books to scrutiny, as the banks have long insisted, or there may be no further offers of financial support forthcoming from the industry. read more

• John Kavanagh

The Reserve Bank is open to the prospect of limiting the use of surcharging by merchants, with one option to prohibit surcharging on debit card transactions. read more

• John Kavanagh

The Australian Taxation Office has conducted raids on business suspected of using, manufacturing or supplying electronic sales suppression tools to avoid paying tax, and it has issued a warning to bus.. read more

• Ian Rogers

Why not pay more if you want to? This is the both sensible and silly retort of banks at the very moment they are being outfoxed from every angle. Paying more turns out to cost more than $100 million... read more

• John Kavanagh

Providers of low cost credit contracts, including buy now pay later companies, will have to hold a credit licence and comply with modified responsible lending obligations under proposed changes to the.. read more

• John Kavanagh

The Global Legal Entity Identifier Foundation has approved Commonwealth Bank as Australia’s first validation agent for the Global Legal Entity Identifier System. read more

• Ian Rogers

Apple may be the focus of regulatory intervention threatened by the Payments System Board. read more

• Ian Rogers

One of the biggest stoushes in Australian banking in a long, long time is approaching its crescendo, as the RBA steps up to oversee industry conversations around the economics of cash-in-transit and t.. read more

• John Kavanagh

A priority for the payments industry in 2024 will be getting started on the transition of all domestic direct entry electronic payments from the Bulk Electronic Clearing System to the New Payments Pla.. read more

• John Kavanagh

The Minister for Financial Services Stephen Jones has backed calls to put some “friction” back into the retail payments system to enable more effective fraud detection. read more

• George Lekakis

Commonwealth Bank has handed itself an early Christmas present that could potentially shield it against expensive compensation claims from business customers who suffer financial losses during banking.. read more

• Lynn Grieveson

Reserve Bank governor Michele Bullock has warned that the central bank may use its payments system regulatory powers to speed-up the rollout of least cost routing to merchants, saying progress has bee.. read more

• John Kavanagh

The Albanese government has put a use-by date of 2030 on the Australian cheque system, with the issuance of bank cheques to end in 2025 and personal cheques in 2027. read more

• John Kavanagh

Treasurer Jim Chalmers has followed up the release of draft legislation in October that expands the regulatory coverage of the payments system, with the release last week of a consultation paper that.. read more

• John Kavanagh

The ACCC has granted interim authorisation to the ABA, its member banks and industry participants to work together to develop an arrangement that will guarantee the ongoing distribution of cash. read more

• John Kavanagh

Following the announcement that banks will develop a confirmation of payee system as the priority project for the industry’s new Scam-Safe Accord, Australian Payments Plus has detailed the work it wil.. read more

• John Kavanagh

The frequency of merchants surcharging on card transactions has increased over the past few years, and merchants are just as likely to surcharge on a debit card transaction as on a credit card payment.. read more

• John Kavanagh

Banks are stepping up their efforts to protect their customers against scams, announcing the launch of a Scam-Safe Accord whose first project will be the development of a confirmation of payee system. read more

• John Kavanagh

Dealing with complaints over scams is a growing area of activity for the Australian Financial Complaints Authority, occasionally putting the ombudsman at loggerheads with financial institutions. read more

• George Lekakis

Two of Australia’s major banks are considering whether to offer discounted interchange fees for small businesses under a special program currently being rolled out by Visa. read more