14 Aug 2018
The Australian Government has released the Final Report of the Productivity Commission Inquiry, Competition in the Australian Financial System
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 regulation of purchase...
20 Jun 2018
Committee of Inquiry on the Riksbank
Swedish government committee report proposes commercial banks maintain ‘reasonable access’ to cash
Central bank continues to express cashless concerns
Could Sweden’s experience inform less-cash policy decisions in Australia?
Source: Committee of Inquiry on the Riksbank
Point of View
The Swedish Ministry of Finance Committee of In...
9 May 2018
Treasurer's Media Release
Treasurer announces funding of Consumer Data Right and commits to recommendations in open banking Final Report
Reforms designed to improve consumer outcomes, increase competition and support innovation
Implementation timeframe, trust and consumer education key issues identified by participants and commentators
18 Apr 2018
Bank of England
Bank of England anticipates ‘wider access’ to RTGS Settlement Accounts will increase competition and innovation in payments, and promote financial stability
Early step in Bank of England’s RTGS Renewal Programme, designed to improve strength, resiliency, flexibility and promote innovation in RTGS
UK and Australian regimes both su...
4 Apr 2018
Productivity Commission recommends Payments System Board ban all card interchange fees, by mid-2019
Reserve Bank conducted extensive Review of Card Payments Regulation over 2015/16; new interchange standards came into force on 1 July 2017
International experience highlights that bans on interchange can have unintended consequence...
13 Jan 2018
Open Banking Implementation Entity, European Commission
Open Banking in the UK launches, as PSD2 regulations enter into force, on 13 January; however, six of nine UK banks not ready
UK consumer watchdog reports 92 per cent of consumers unaware of ‘open banking’
Treasury-commissioned independent Review report due out soon; what could the Australian open-banking framework look like?
5 Jan 2018
People’s Bank of China regulates QR code payment processors, including Ant Financial and Tencent
Could the rules and a new product from UnionPay foster NFC growth in China? And perhaps change how Chinese travellers expect to pay?
QR code payments unlikely in Australia, except under certain circumstances – maybe?
8 Dec 2017
Cryptocurrencies surge, authorities crack down, central banks consider issuing own currencies
Myriad ‘real world’ blockchain use cases emerge: ASX & SWIFT post-trade services, B2B cross-border payments, blockchain smartphone
Have we reached a tipping point with blockchain technology?
26 Nov 2017
Department of the Prime Minister and Cabinet
Consumer Data Right to be legislated in Australia: Government accepts Productivity Commission recommendation
Customer consent will be a key issue in the development of an open banking framework
Can lessons be learned from Europe and UK open-banking experiences?
As we experience a paradigm shift across t...
31 Oct 2017
PCI SSC publishes two new security standards for 3D Secure to support secure implementation
EMVCo releases updated 3D Secure specification, promotes risk-based authentication
Support 3D Secure version 2.0, roll out by Visa over 2018 and MasterCard by end-2020, reducing customer friction and ‘cart abandonment’
23 Oct 2017
Banks announce removal of ATM fees for domestic card transactions
Coleman Review Hearing highlights possibility of a shared ATM ‘utility’, and potential rationalisation of networks
Shared ATM networks exist in Sweden and the UK, but the policy environments differ
Source: Australian Financial Review
On 24 September,...
21 Sep 2017
Many central banks considering blockchain technology
England, Sweden research digital fiat currency, China set to launch digital renminbi
Reserve Bank of Australia examining the role of digital cash issued by a central bank
Source: Cambridge University
According to the 2017 Global Blockchain Benchmarking Study, cond...
20 Sep 2017
East to West, people rely less on cash and increasingly use digital payments
The Swedes use cash least of all, but Sweden now faces policy concerns from rapid decline in cash
Cash use in Australia is also declining, can we learn from the Swedish experience?
Source: Sveriges Riksbank
In Sweden, 20 per cent of the num...
16 Sep 2017
Social security numbers and other personal information of nearly half the US population stolen
Equifax data breach dubbed ‘worst of all time’, stolen data perpetually valuable to identity fraudsters
Is this a catalyst for change to identity frameworks?
Source: The Economist
On 7 September 2017, Equifax disclosed it...
21 Jun 2017
New Zealand’s Financial Markets Authority proposes an exemption to financial advice legislation to allow ‘robo-advice’
The FMA joins authorities from Australia, the UK, Europe and the US in publishing guiding information on robo-advice
In future, ‘regtech’ of payments, in particular regarding AMLCTF, may use a similar model to th...
MARKETINSIGHTS Giving you the latest global and domestic developments
affecting the payments landscape in Australia today.