AusPayNet welcomes the RBA Risk Assessment Update on the intention to decommission BECS

MEDIA RELEASE

10 March 2026

AusPayNet welcomes the RBA Risk Assessment Update on the intention to decommission BECS

Australian Payments Network (AusPayNet), the self-regulatory body for the payments industry in Australia, has welcomed the Reserve Bank of Australia’s (RBA) Risk Assessment Update on the intended decommissioning of the Bulk Electronic Clearing System (BECS).

Earlier today, the RBA released its update on the progress made by the payments industry against the recommendations of the RBA’s March 2025 Risk Assessment into the intended decommissioning of BECS.

AusPayNet is continuing to work collaboratively with Australian Payments Plus (AP+) – the operator of the New Payments Platform (NPP) – and its wider membership, which includes 89 banks and fintechs that are members of the BECS Framework, to implement the 2025 recommendations.

On 16 December 2025, AusPayNet issued a media release communicating a revised outlook for the BECS Framework and the removal of the target end-date of June 2030 for decommissioning the BECS Framework. As noted by the RBA in today’s Risk Assessment Update, the removal of the target end date has “considerably reduced the risk of a disorderly transition in the short-to-medium term”.

AusPayNet is also facilitating the A2A Roundtable since September 2025 under an ACCC authorisation, between AusPayNet, AP+, the RBA and the Commonwealth Treasury. The Roundtable has driven progress on the development of a shared vision for the future of A2A payments in Australia and will define a roadmap of high-level deliverables and milestones for achieving that vision. Members of BECS, members of the NPP, operators of other alternative payment systems to BECS, and relevant key stakeholders, including consumers, businesses and government departments (“end-users”), are being engaged through the process.

The Risk Assessment Update emphasises the need to consider options for delivering the vision at an ecosystem level. To support that, AusPayNet will deliver its assessment of the options to upgrade BECS by end of March 2026. This will be a key input to the A2A Roundtable’s Industry Roadmap work in H2 2026.

“AusPayNet remains committed to playing its part to deliver the vision and roadmap for A2A Payments in Australia, according to the timeline agreed with the Roundtable, including the RBA,” said Andy White, CEO of AusPayNet.

While the Risk Assessment Update acknowledges initiatives to support governance and coordination, including the A2A Roundtable and the implementation of mechanisms to capture end-users’ perspectives, it calls on AusPayNet and AP+ to focus on continually reviewing and improving these arrangements.

“We always seek to optimise our governance and coordination structures and mechanisms. We anticipate more regular interaction with key stakeholders will be required for the A2A roadmap development work and are looking at enabling this with the A2A Roundtable,” Mr White added.

Background

AusPayNet is the industry association and self-regulatory body for the Australian payments industry. We manage and develop standards and guidelines governing payments in Australia. AusPayNet currently has more than 150 members including financial institutions, payment system operators, major retailers and financial technology companies. Our purpose is to create confidence in payments by: setting enforceable industry standards for a safe, reliable and effective payments system; leading transformation in payments to drive efficiency, innovation and choice; and being the home for ecosystem collaboration and strategic insight.

BECS is currently Australia’s primary system for account-to-account payments. Australians rely on BECS for a wide range of critical payments including welfare, pension, salary and bill payments. AusPayNet manages and develops regulations, procedures, policies and standards governing various payments clearing and settlement streams including the BECS Framework.

As part of payments modernisation, AusPayNet is leading work on the wind down of the cheques system, the migration of domestic and cross-border payments to the ISO 20022 messaging format, and the upgrade of the Australian card payments system’s security to the Advanced Encryption Standard.

As a key participant in the National Anti-Scam Centre and through its own Economic Crime Forum, AusPayNet is supporting the Government’s strategy to combat scams and online fraud.