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RBA not happy with BECS migration - wants better data on risks and end user costs
The Reserve Bank of Australia (RBA) has reiterated its concern about industry progress on decommissioning a platform that currently manages a range of Australia’s critical payments including social security, motor cars, salaries, pensions and bills.
Least cost routing finally enabled for some Google Wallet transactions
After more than five years of lobbying from Australian small business to reduce the cost of mobile transactions, eftpos functionality and least cost routing (LCR) is finally available for some Google Wallet mobile debit transactions in Australia.
PEXA outages plague Aussie property settlements amidst competition concerns
Australia’s monopoly electronic property settlement exchange platform PEXA (Property Exchange Australia LTD) appears to have seen off a potential probe by the competition regulator and handed a lengthy delay for network interoperability - and any real competition.
AP+ ramps up urgency around NPP transition with industry-wide initiative
With the 2030 deadline for the BECS shutdown rapidly approaching, Australian Payments Plus (AP+) has established an industry-wide steering committee to provide oversight and governance in the transition to New Payments Platform (NPP).
Bank@Post says it needs more funding and extends atmx rollout amidst growing criticism that it can’t replace real bank branches in the bush
Amidst growing criticism that Bank@Post should not be seen as a replacement for bank branches, Australia Post has indicated it will need a longer-term funding solution to keep the service “available and financially viable”.
Banks and the cost of doing business
Another day, and another “challenge” for the banks. NAB CEO and Australian Banking Association Chair (ABA), Andrew Irvine sat down for a panel discussion at the Trans-Tasman Business Circle Annual Economic Forecast event last Friday and lamented the cost of cash, saying “cash is viewed as free and digital payments are viewed as having a surcharge. This is actually the wrong pricing signal because the cost of a digital payment versus a physical payment is much, much lower.”
Bullock says cash and bank branches are community service obligations but suggests the RBA may sweeten the deal
Reserve Bank of Australia Governor Michele Bullock says providing customers access to cash and bank branches are community service obligations expected of banks but the RBA is considering ways to ease the burden.
Will Victoria's Open Loop transit be ready to roll in 2026, with 20k readers still on order?
The Victorian Government is upbeat about the rollout of debit and credit card Open Loop payments for its public transport services from next year, despite rumours that its contractor, Conduent, is up sale and tens of thousands of readers are still to be delivered.