2. Payments system at a glance - Payments regulation in Australia

The Payments System Board sets the RBA’s payments system policy. The RBA’s approach to payments regulation is governed by a legislative framework – including the Payment Systems (Regulation) Act 1998 – that favours self-regulation by the industry.

AusPayNet, in its role as the self-regulatory body for payments, governs the rules and decision-making structures for most of Australia’s payment systems:

  • Cards
  • Direct entry
  • High-value payments
  • Wholesale cash distribution
  • Cheques


Other regulatory bodies

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) also have important roles in overseeing banking and financial services activities. APRA's functions involve prudential oversight over financial institutions, while ASIC regulates market conduct.

ASIC’s ePayments Code applies to consumer electronic payments including ATM, eftpos, credit card, online, mobile banking and BPAY transactions. The Code, which is designed to protect consumers, complements other regulatory requirements. Most financial institutions and certain payment service providers (PSPs) have signed up to this voluntary Code.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) works with PSPs to prevent criminal abuse of the financial sector through money laundering and counter terrorism financing.

Back to Contents