Payments System Issues – Payments Council MoU, EFTPOS Access Regime and Review of Card Payments Regulation

The Payments System Board and the Australian Payments Council have signed a Memorandum of Understanding. The Reserve Bank has revoked the Access Regime applying to the EFTPOS system in Australia, along with the 2004 designation of the EFTPOS system. Reserve Bank staff will liaise with industry on possible designation of card systems.

Payment Systems and Netting Act 1998: Approval of Netting Arrangement

Media Release Number 2015-10: At its 22 May 2015 meeting, the Payments System Board determined that each multilateral netting arrangement contained in the Issuers and Acquirers Community Framework (IAC) Regulations and Volume 5 of the IAC Code Set are to be ‘approved multilateral netting arrangements’ under the Payment Systems and Netting Act 1998. The Board’s decision provides legal certainty to these arrangements, which are coordinated by the Australian Payments Clearing Association.