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...

  • 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 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

Source: Treasurer...

18 Apr 2018

  • 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...

  • 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?

Source: Reuters


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?

Source: BBC

Point of View

Cryptocurrencies hav...

  • 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? 

Source: PMC

Point of View

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’

Source: Finextra


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

Point of View

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

Point of View

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

Point of View

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

Point of View

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...

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