Resources
We bring rigour to the application of self-regulation and collaborative decision-making.
- rules and regulations for each payment system and framework
- guidelines, fact sheets and brochures including on rules and security standards
- details of all approved ATMs, POS and other devices that may be connected to the network
- payments fraud statistics and reports
Digital Identity
The cornerstone of the future of payments
Digital identity plays an important role in the future of payments innovation because it is the gateway to a seamless customer experience. Across the world, a range of organisations, from governments to banks, retailers, telcos and social media companies are looking to solve the challenge of securely and conveniently identifying individuals and organisations online.
The establishment of a digital identity framework will create new opportunities for digital service delivery, as well as helping to mitigate the risks of identity theft and online payment fraud. Importantly, it also has the potential to reduce the quantity of personally identifiable information (PII) that is shared online.
Data Sharing
Open banking is the term for financial institutions sharing data
Trust is the cornerstone of data sharing. It is at the centre of the many and varied data sharing arrangements in place today.
Trust is also the foundation of the Australian payments system. This system plays a crucial role in Australia’s economy and as the economy becomes more digital, it generates increasing amounts of data.
The data generated by participants in Australia’s payments system is high value data. It is used to solve problems, deliver benefits and meet obligations. For example:
- The industry shares fraud and financial crime data to ensure maximum resilience • Financial institutions share payments data with a range of private sector organisations to create new products and services
- Governments use payments data to help improve public services and regulate Australia’s financial system
Importantly, current approaches to data sharing are effective because they successfully protect consumers, maintain trust and balance the commercial interests of stakeholders. This is achieved through alignment of five core requirements:
- Consumer interests
- Privacy
- Security
- Compliance and Liability
- Commercial incentives
We believe we have a role to play aligning these requirements as data sharing is further explored.
Innovation
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