15 Jan 2020

- Digitisation and the trend towards cashlessness has led some central banks to consider the introduction of a central bank digital currency (CBDC);
 

- Many central banks have determined that developments in technology (fast-payments innovations in particular) mean that many of the potential benefits of CBDC can be satisfied in other ways and...

5 Dec 2019

- On 29 November 2019, the Reserve Bank of Australia (RBA) launched a Review of Retail Payments Regulation (the Review) with the publication of an Issues Paper. Submissions are due 31 January 2020.

- This is the latest in a series of semi-regular reviews of payments regulation that the RBA has conducted since the early 2000s, most recently in...

19 Nov 2019

  • Negative interest rates have been in place in some jurisdictions overseas for several years, and after cutting the official cash rate to a historic low of 0.75, the Reserve Bank of Australia Governor has recently reflected on the outside possibility of rates below zero in Australia;

  • An inversion of the positive interest rate environme...

7 Oct 2019

  • The Buy Now Pay Later (BNPL) sector continues to grow rapidly in Australia and new entrants continue to emerge;

  • There are some concerns that the BNPL business model, which is not currently covered by the National Credit Act, means that some consumer protections are not  applicable and consumers are overextending themselves;

  • A num...

18 Sep 2019

  • Authorised Push Payment (APP) fraud is increasing in Australia;

  • The introduction of Open Banking and the development of APIs in Australia provides an opportunity to consider introducing an ‘account name checking service’;

  • While providing a potential solution that could reduce APP fraud, there are several challenges that industry...

18 Sep 2019

  • As the primary regulator of the financial sector, the Commonwealth Government plays a key role in influencing the sector;

  • It has now been four months since the Government was returned, and the agenda for the next three years is taking shape in areas such as ongoing reform of the regulators, implementing the consumer data right, review...

26 Aug 2019

  • The UK’s Financial Conduct Authority and Payments System Regulator have published their business plans for 2019/2020;

  • Retail Banking and Payment sector issues including scams, access to cash and operational resilience are areas of key focus;

  • In the context of the UK’s withdrawal from the European Union, the UK Government has sign...

31 Jul 2019

  • ISO 20022 is an agreed methodology used to create a consistent “messaging standard” between financial institutions in the exchange of payment information, enabling a shared understanding and interpretation of the data. 

  • SWIFT has announced it plans to stop supporting non-ISO 20022 messaging standards by November 2025. This will potent...

28 Jun 2019

  • There is a strong trend towards cashlessness in favour of electronic payments in the Australian economy and around the world, with many predicted benefits;

  • But overseas, drawbacks to a cashless society are leading some regulators to take measures to ensure continuing access to cash;

  • There are hurdles to clear before a transition...

27 Jun 2019

  • Facebook will launch its global cryptocurrency, called Libra, in 2020. This digital currency will be built on Blockchain technology;

  • Facebook’s new subsidiary, Calibra, will create a digital wallet that will store the Libra cryptocurrency. It will be integrated into both Facebook Messenger and WhatsApp, and will also have a standalone...

27 May 2019

  • On March 6th 2019, ASIC has released the first of two papers as part of its ePayments Code review. This initial paper is to determine the scope of its review;

  • The areas proposed to be reviewed include: Future Proofing the Code, Complaints Handling, Unauthorised Transactions, Data Reporting, Mistaken Internet Payments, Small Business a...

27 May 2019

  • The Australian Government released the Final Report of the Productivity Commission Inquiry, Competition in the Australian Financial System in August 2018

  • The Report considers and makes recommendations on a wide variety of payment issues – including interchange fees, merchant routing for dual-network cards and reviewing the regula...

19 Feb 2019

Source:

  • Commencing in December 2016, the Black Economy Taskforce (BET) was established to halt or reverse growth in the ‘black economy’, to improve visibility over money flows and increase taxation revenue. 

  • Recommendation 6.2 of the BET Final Report recommended a sharing economy reporting regime. The Government agreed stating that there need...

23 Jan 2019

  • The Australian Treasurer, Josh Frydenberg, has outlined a new timetable for the phased implementation of open banking in Australia.

  • From 1 July 2019, the four largest banks will be required to share specific product data and commence a pilot beta testing program in conjunction with Data61 and the ACCC.

  • The four largest banks will...

  • The FSB looks to evaluate the progress made by members in adopting LEI.

  • The responses to the consultation and questionnaires sent to national authorities of FSB Members will be published in a peer review report in the first half of 2019.

  • The Bank of England is also considering mandating LEI as part of the development of its commo...

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