The Australian Payments Council, the new strategic coordination body for the Australian payments industry, released a consultation paper last week on the development of the Australian Payments Plan. The plan will establish a roadmap for industry collaboration to improve the Australian payments system over the next 10 years.
The consultation paper proposes a set of characteristics – resilience, efficiency, accessibility and adaptability – for assessing the Australian payments system as it evolves. It also forecasts long-term trends to present a plausible outlook to 2025 as well as options for future industry collaboration.
Council member and Australian Payments Clearing Association (APCA) Chief Executive Chris Hamilton said that the payments system is critical to the Australian economy and like other industries is undergoing a wave of extraordinary change.
“Digital disruption is affecting payments with a plethora of new technologies, new ways to pay and new business opportunities – and we expect the future of payments to be mobile, integrated, fast and data-rich,” said Hamilton. “Some of the significant opportunities and challenges ahead of us will be systemic – that means we need to work together on how the overall payment system evolves to meet the needs of the community and the economy. The Australian Payments Plan is about how we do that.”
Interested parties are invited to provide written feedback on the consultation paper by 3 July 2015. The consultation paper and information about how to make a submission are available at
Over the coming weeks, the council will also hold a number of consultation forums with key stakeholders and organisations representing community groups to foster debate and discussion.
“The best future is one we create together. We want the Australian payments community to give us their viewpoints on what we should do together over the next 10 years to get the payments system we need,” added Hamilton.
The council expects to release the Australian Payments Plan in late 2015.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
HSBC arguing that mid-market businesses are missing out on huge exporting opportunities, 3D printing being predicted to cut global trade by 23% in 2060 and the blockchain community launching a voluntary transparency project all hit the latest headlines in the world of treasury this week.