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BECS
Bulk Electronic Clearing System
IPF urges immediate action to protect critical payments following damning BECS migration assessment
The payments industry must take immediate steps to protect and regulate fees on critical payments like wages, superannuation, health, welfare and pensions that are being migrated from the aging Bulk Electronic Clearing System (BECS), according to a new report by Independent Payments Forum Australia (IPF).
Christian Westerlind Wigstrom - the new kid in town on the AusPayNet Board
In a turbulent time for payments, Christian Westerlind Wigstrom, Co-founder and CEO of Monoova, has been appointed as alternate Director to the Australian Payments Network (AusPayNet), the self-regulatory body for Australia's payments industry.
RBA risk assessment slams insufficient industry coordination in BECS closure
The Reserve Bank of Australia (RBA) today slammed the payments industry for lack of coordination over its proposed decommissioning of the 30-year-old Bulk Electronic Clearing System (BECS) which looks after critical account to account payments such as pensions, welfare, superannuation, payroll and bills.
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.
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).
