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COIN

The COIN is next generation connectivity for Australian payments.

The Community of Interest Network (COIN) is a high availability, managed network for the multilateral secure transmission of payment files between payments participants.

Designed as collaborative core infrastructure for the future of Australia’s low-value payments, the COIN provides an alternative to point-to-point connectivity between payments participants.

Currently the COIN provides network services and connectivity for our frameworks for cheques, direct entry, and domestic cards. It also provides the network for BPAY bill payments and PEXA financial settlements.

The COIN operates independently from all other payments frameworks and is open to all participants in the payments system. We provide the rules, procedures and decision-making framework enabling participation in the COIN.

In 2024 the COIN network service was upgraded, with Transaction Network Services Australia (TNS) providing a highly diversified, highly redundant dual-carrier network, with enhanced speed, operational and security benefits.

High Value

"High-value payments total around $122 billion every day, but only number about 38,000 transactions."

High value payments are generally made between financial institutions either for themselves or for their corporate customers including overseas banks.

Payments made through the system are mainly for the Australian dollar leg of foreign exchange transactions. High-value payments:

are time-critical and irrevocable
have an average value of close to $3.2 million
total more than $122 billion every day, but only number around 38,000 transactions¹

AusPayNet sets the rules and procedures for the High Value Clearing System (HVCS). The objective is to provide a best practice, efficient and highly secure electronic payments system for the Australian finance industry.

In February 2020, the RBA appointed AusPayNet as the central coordination authority in a major industry program to migrate HVCS messaging to ISO 20022. More information is available here.

¹12 months to end April 2021

Direct Debits & Electronic Transfers

The direct entry system carries the majority of consumer payments by value.

Direct entry is a convenient, safe and reliable way to send and receive payments.

The system is commonly used by businesses to make recurring, automated payments to and from everyday transaction accounts. These include salary and welfare payments (direct credits), insurance premiums and utility bills (direct debits), and internet (Pay Anyone) banking services.

To make and collect payments, a business needs to be approved as a direct entry user by a financial institution. To set-up direct debit arrangements, customers complete a Direct Debit Request (DDR) authority with the business that will be collecting payments from their account.

We coordinate the rules and processes for direct entry payments through the Bulk Electronic Clearing System (BECS). Other payment systems for electronic transfers are operated by BPAY and PayPal.

Cheques

Cheque use is declining rapidly as Australia's digital economy takes hold.

Announcement: Australian Government’s Cheques Transition Plan

On 18 November 2024, the Australian Government announced its Cheques Transition Plan. Under the plan, cheques cannot be issued in Australia after 30 June 2028 and will not be accepted by financial institutions or as a form of payment after 30 September 2029.

The decision comes as cheque usage continues to decline rapidly, with cheques representing less than 0.1% of non-cash retail payments in 2022/2023.

Financial institutions understand the need to help customers transition to faster, safer, and more convenient digital payment methods.

AusPayNet is actively working with industry and consumer stakeholder groups to provide the necessary tools and resources to support regular cheque users through this transition.

In Australia, like in other countries, cheques are in long-term decline. Our lives are increasingly digital and as more services move online, consumers and businesses are moving away from cheques.

Cheque use in Australia has dropped by 83% over the last 10 years. Only small numbers of cheques are still used by certain sectors in the community.

We are tracking the decline of cheques to ensure all Australians:

have access to electronic payments as cheques become scarcer and more difficult to use
can share in the benefits of the digit economy

We coordinate rules and arrangements for cheque clearing through the Australian Paper Clearing System. Through the APCS Management Committee, our work includes:

ensuring the operation of effective systems, policies and procedures for exchanging cheques between financial institutions
maintaining standards and specifications for the design and security of cheques

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