Given the rapid and increasing pace of change in payments, in 2019 AusPayNet conducted a consultation on 'A Future State for Australia's Payment Systems'.
Our aim in consulting industry stakeholders was to establish and publish conclusions that will help shape industry's thinking on the future state of Australia's payment systems.
The Future State of Payments Action Plan, published in August 2020, is the outcome of this consultation process.
The Action Plan outlines the industry’s response to the evolution of payments and customer preference for faster, data rich, 24/7 payments. As the uptake of convenient, digital payment methods accelerates, our focus is on modernisation and ensuring payments system efficiency through the rationalisation of older systems. This has implications for two of AusPayNet's frameworks – APCS for cheques and BECS for direct entry.
The industry’s Future State of Payments Action Plan is available below.