BECS Transition Update

July 2025

Pillar 1: Collaborate with the industry

AusPayNet is collaborating with industry participants and regulators on their initiatives to facilitate the transition away from the BECS Framework. An update on these initiatives is provided in the table below:

#	Initiative	Update
1	RBA’s Risk Assessment into the proposed decommissioning of BECS	AusPayNet and AP+ continue to work collaboratively on addressing the 20 recommendations identified in the RBA’s Risk Assessment report into the proposed decommissioning of BECS released on 11 March 2025. On 2 July 2025, AusPayNet and AP+ launched a joint public consultation, supported by the RBA and Treasury, seeking submissions on the current and future payment needs and expectations of the users of Australia’s account-to-account payments systems. The public consultation is open to submissions until 31 July 2025 and aims to receive input and views from stakeholders, including end users, on the development of an industry vision for the future of account-to-account (A2A) payments in Australia. The consultation findings will support the proposed roundtable process later this year that aims to develop a shared vision for the future of A2A payments in Australia and an in-principle plan for achieving that vision. In parallel to the development of the A2A vision, AusPayNet is performing an assessment of a comprehensive set of options for BECS that might be relevant to achieving the A2A vision. This assessment considers the options for BECS against a set of dimensions that include end-user readiness, viability, resilience, contingency, economics, trust and sovereignty. AusPayNet has completed the first round of assessment with the AusPayNet Board and will be involving the broader BECS membership in the second round of assessment, via the Payments Review Committee (PRC) Sponsored Member Workshops (PSMW).
2	AP+'s Move to NPP Program	For the latest updates on AP+'s program, please visit AP+'s Move to NPP Program updates. AusPayNet continues to attend AP+'s Move to NPP Steering Committee meetings as an Observer.
3	RBA's A2A Payment Pricing Study	The RBA is continuing its study of account-to-account payments in Australia, following the initial data collection circulated in September 2024. AusPayNet will be submitting data to the RBA for the financial year 2024-2025.

Initiative

Update

RBA’s Risk Assessment into the proposed decommissioning of BECS

AusPayNet and AP+ continue to work collaboratively on addressing the 20 recommendations identified in the RBA’s Risk Assessment report into the proposed decommissioning of BECS released on 11 March 2025.

On 2 July 2025, AusPayNet and AP+ launched a joint public consultation, supported by the RBA and Treasury, seeking submissions on the current and future payment needs and expectations of the users of Australia’s account-to-account payments systems.

The public consultation is open to submissions until 31 July 2025 and aims to receive input and views from stakeholders, including end users, on the development of an industry vision for the future of account-to-account (A2A) payments in Australia. The consultation findings will support the proposed roundtable process later this year that aims to develop a shared vision for the future of A2A payments in Australia and an in-principle plan for achieving that vision.

In parallel to the development of the A2A vision, AusPayNet is performing an assessment of a comprehensive set of options for BECS that might be relevant to achieving the A2A vision. This assessment considers the options for BECS against a set of dimensions that include end-user readiness, viability, resilience, contingency, economics, trust and sovereignty. AusPayNet has completed the first round of assessment with the AusPayNet Board and will be involving the broader BECS membership in the second round of assessment, via the Payments Review Committee (PRC) Sponsored Member Workshops (PSMW).

AP+'s Move to NPP
Program

For the latest updates on AP+'s program, please visit AP+'s Move to NPP Program updates.

AusPayNet continues to attend AP+'s Move to NPP Steering Committee meetings as an Observer.

RBA's A2A Payment Pricing Study

The RBA is continuing its study of account-to-account payments in Australia, following the initial data collection circulated in September 2024. AusPayNet will be submitting data to the RBA for the financial year 2024-2025.

Pillar 2: Control the future of the framework

The PRC and Board consider the following to be important considerations for the future of the BECS framework:

Recent industry and global developments, including in the geopolitical arena, and the RBA’s Risk Assessment into the proposed decommissioning of BECS, have highlighted key uncertainties and challenges for which there will need to be a clear roadmap before an overall end-date can be confirmed for the closure of BECS.
Industry is developing a vision and assessing options for the future of account-to-account payments in Australia. The findings of this work will be a key consideration in determining the future of BECS and NPP through the roundtable process with the Government and the RBA later this year, subject to approval of an authorisation application currently under review by the ACCC.
It remains the intention to decommission BECS over the long term in favour of modern account-to-account payments system alternatives like the NPP. The NPP is the industry’s strategic account-to-account payments rail and the focus for investment and innovation.

Pillar 3: Coordinate the migration

On 1 May 2025, the ACCC granted AusPayNet and AP+ interim authorisation to start preparatory work to develop a common industry vision regarding the future of account-to-account payments. On 3 July 2025, the ACCC issued its draft determination inviting submissions in relation to the draft determination by 18 July 2025, before the ACCC will make its final decision. The ACCC’s draft determination indicates the ACCC proposes to grant authorisation with conditions to enable the development of a common industry approach for the future of account-to-account payments infrastructure in Australia, including the future of BECS. AusPayNet expects a final determinisation to be issued in August, subject to any submission responses to the ACCC’s draft determination.

AusPayNet, AP+, RBA and Treasury are continuing to prepare for the roundtables under the interim authorisation and are intending to hold the first roundtable at the end of August, subject to the ACCC’s final determination. In preparation for the first roundtable, AusPayNet will hold the first PSMW on 22 August 2025 to capture member views on key topics to be discussed in the first roundtable (the roundtable process, A2A vision and Round 2 of the Options analysis). The PSMW comprises 12 entities representing Tier 1 and Tier 2 BECS Members and the RBA’s Payments Settlements Department.

Pillar 4: Consider end-user perspectives

The RBA’s Risk Assessment has highlighted the importance of end-user engagement and AusPayNet’s Board will continue to discuss AusPayNet’s role in this to ensure that end-user perspectives are appropriately considered throughout the BECS Transition.

Although AusPayNet’s primary channel remains our BECS Members who engage with their customers, the launch of the public consultation on the A2A vision will enable the widest possible range of stakeholders and users to input into the future of Australia’s A2A system.

AusPayNet continues to have direct engagement with AusPayNet’s Stakeholder Advisory Council (ASAC), which has representatives from government and end-user interest groups.

Pillar 5: Communicate with members and stakeholders

AusPayNet is working with AP+ on the appropriate engagement approach for common members (i.e. BECS Members who are also participants of NPP) to avoid duplication in information gathering and communication. Any joint engagement will be subject to the ACCC authorisation conditions.

AusPayNet continues to meet bilaterally with our members as part of our ongoing member engagement, and regularly engages with the RBA, Treasury and providers of modern alternatives to BECS.

The next update on the BECS Transition Program will be published in September 2025.