The Australian Competition and Consumer Commission has granted reauthorisation for ten years to a number of provisions of the High Value Clearing System (HVCS) Regulations and Procedures, operated by the Australian Payments Clearing Association (APCA).
APCA coordinates and manages payments clearing and settlement systems including the HVCS. The HVCS provides a framework within which financial institutions involved in high volume transactions can electronically exchange high value payments.
APCA’s reauthorisation covers the suspension and termination of HVCS membership and the requirement that members use the SWIFT payment delivery system in clearing and settling payments. The SWIFT payment delivery system is a centralised payment delivery mechanism which enables members to send and receive payments from all other members using the SWIFT payment delivery system.
"The ACCC considers that HVCS members are likely to have greater confidence in the HVCS with the reauthorisation of the suspension and termination provisions of the HVCS regulations and procedures," ACCC chairman Rod Sims said.
"By requiring HVCS members to also be members of SWIFT, the HVCS procedures are likely to result in economies of scale that benefit these members."
"The provisions result in a benefit to the public by contributing to the integrity and efficacy of the HVCS," Mr Sims said.
Authorisation provides immunity from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010. Broadly, the ACCC may grant an authorisation when it is satisfied that the public benefit from the conduct outweighs any public detriment.