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Payments System Board Update: August 2021 Meeting

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At its meeting today, the Payments System Board discussed a number of issues, including:

  • The Bank’s Review of Retail Payments Regulation. The Board reviewed responses to the Consultation Paper published in May, particularly relating to dual-network debit cards and least-cost routing, interchange fees and the ‘no-surcharge’ rules of buy now, pay later providers. The Board expects to publish a Conclusions Paper and final Standards within the next 2 months. Members noted in their discussion that new technologies are making the payments landscape more complicated and the Bank’s powers to deal with some issues were limited. A number of these issues have been raised in the Bank’s submission to the Treasury’s Review of the Australian Payments System.
  • The assessment of the ASX clearing and settlement facilities against the Bank’s Financial Stability Standards. The Board approved the…

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