CEO's Corner
Unveiling our new brand identity & sharing some of our latest initiatives.
In June, we were delighted to unveil our new brand identity to support the positioning of Australian Payments Network.
Building on the company’s purpose, our new logo and strapline reflect our commitment to representing a network of systems and people, and reinforce our role in driving collaboration and cross-industry innovation.
The new branding has been applied to our new home at Barangaroo, which was designed to reflect our brand values. The new premises offer space for collaboration, and the new way of working has already been a source of inspiration for the team and our members.
I have been genuinely excited to see the type of innovation that has accompanied our repositioning:
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partnering with industry and government, we introduced open loop payments for public transport, piloting since early July.
- we are responding to the increasingly global nature of payments, convening the ISO group on emerging technology, and contributing to Standards Australia’s foundational work on blockchain.
Under the umbrella of the Australian Payments Council, we:
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coordinated a cross industry hackathon, involving the country’s banks and fintech community.
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are investigating digital identity, working with government and private sector organisations.
Some of these initiatives are covered in this issue, while others will feature alongside recent developments in our next Payments Monitor.
As part of our new identity rollout, we are also building a new website. You can see work in progress
here www.auspaynet.com.au - check back for the complete live site soon! We look forward to welcoming you to the home of payments collaboration.
Industry News
Cheques plunged 20% in 2016, the largest drop ever recorded.
AusPayNet has released Milestones Reports twice-yearly since 2012 as part of its role in monitoring the decline of cheques.
The latest report released in May 2017, shows that the digital economy is accelerating the decline in cash and cheque use. Cheques plunged 20% in 2016, the largest drop ever recorded. Australia is also becoming a less- cash society, with ATM withdrawals down in both volume and value. Over the last five-years, the number of ATM withdrawals has dropped by 22%.
The 2016 Consumer Payments Survey released by the RBA on 24 July provides further insights into consumers’ changing behaviour. In 2016, cash accounted for 37% of consumer payments, down from 69% in 2007. Interestingly, the median value of cash held by the average person is now $40, and only 45% of us “top-up” cash from an ATM or at point-of-sale on a weekly basis (86% in 2007).
In comparison, card payments now represent 52% of all card payments by
volume (26% in 2007), and about 66% of card payments at point-of-sale are now contactless.
Read the Milestones Report May 2017 here, and the RBA’s consumer survey here.
MILESTONES REPORT MAY 2017 RBA CONSUMER SURVEYSelected Articles See All >
Industry News
Australian Payments Council - Hackathon
AusPayNet is supporting the Australian Payments Council’s hackathon. This event will help uncover which data sets are useful for Australians, as well as some of the key questions relating to privacy and security that go hand-in-hand with data.
Up to 200 participants will be invited to Improve the Lives of Australians with data from some of the country’s most prominent financial institutions.
During the hackathon, participants will have access to data within a controlled environment (‘sandbox’) to bring their ideas to life. The sandbox, provided by the Open Bank Project, contains test data which emulate real transactions, and offers more than 130 standard banking APIs to access these data.
The hackathon will be held simultaneously at Stone & Chalk in Sydney and Cognizant’s Collaboratory in Melbourne on 11 -13 August 2017. To register, visit the website.
Hackathon Website Australian Payments Council
