Source link – Reserve Bank of Australia

At its meeting today, the Payments System Board discussed a number of issues, including:


  • The Bank’s Review of Banknote Distribution Arrangements. Members discussed the
    long-term decline in the use of cash for transactions and the pressure this was placing on the cash
    distribution system. As cash is likely to remain an important payment method for the foreseeable
    future, members agreed it was important that the community retained good access to cash withdrawal
    and deposit services. More broadly, the Board will continue to monitor access to cash services and
    trends in the use and acceptance of cash, including through the Bank’s Consumer Payments Survey
    to be conducted again next year.

  • Recent government reviews and inquiries dealing with payments issues. Members discussed the
    recommendations in the Treasury’s Payments System Review and the recent Parliamentary committee
    reports on digital payments and mobile wallets and on Australia as a technology and financial centre.
    The Bank will continue to work with the Treasury and other members of the Council of Financial
    Regulators on policy or regulatory initiatives stemming from these reviews.

  • Disclosure of new reliability statistics by retail payments providers. Members
    welcomed the increased transparency about retail payment service reliability. They observed the first
    quarter of data shows significant variation in outcomes across individual services and providers. The
    Bank will monitor trends in these data and engage with individual institutions as necessary about
    their operational challenges.

  • ASX’s response to the recommendations in the Bank’s 2021 assessment of the ASX clearing and
    settlement facilities against the Financial Stability Standards.

  • The Bank’s 2021 assessment of LCH Limited’s SwapClear service against the Financial Stability
    Standards. In Australia, SwapClear is considered systemically important, clearing around
    90 per cent of centrally cleared Australian dollar over-the-counter interest rate
    derivatives. Reflecting this importance, the Board welcomed LCH Ltd’s plan to extend its
    operating hours in early 2022 to cover Australian business hours. The assessment will be published in
    early December.

  • Card payments regulation. Members reviewed the compliance of card issuers and the designated card
    schemes with the Bank’s interchange standards and access regimes in 2020/21.



Source link – Reserve Bank of Australia