Australia’s payment systems: more changes on the horizon
Is the transfer of funds a core competent of your business model? Is the safety, competitiveness and efficiency of Australia’s payment systems important to your organisation? Will recent and foreshadowed changes affect you?
The Reserve Bank of Australia (RBA) has primary regulatory responsibility for Australia’s payment systems, including any systemically important payment system (SIPS), and has recently completed its first self-assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures published by the Basel Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO). RITS is the only domestic SIPS, although CLS Bank International is an international SIPS that plays an important role in the settlement of foreign exchange trades (including those involving Australian dollars).
The arrangements that allow consumers, businesses and other organisations to transfer funds, usually held in an account at one financial institution transferred to another (i.e. payment systems), are essential in supporting the day-to-day business of the Australian economy. They must be safe, competitive and efficient…
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