The ACCC proposes to grant re-authorisation to Australian Payments Network Limited’s (AusPayNet) High Value Clearing System (HVCS) regulations and procedures that apply to suspension and termination of members and the requirement that HVCS members join the Society of Worldwide Interbank Financial Transactions (SWIFT).
The HVCS is a payment clearing and settlement system created by AusPayNet to clear and settle high value payments in real time.
High-value payments are usually made between financial institutions or large corporates and are irrevocable. The relevant HVCS regulations and procedures have been authorised by the ACCC since 1998 and were last re-authorised in 2012 for 10 years. AusPayNet has applied for re-authorisation for another 10 years.
The ACCC considers that the provisions are likely to result in public benefits through the protection of the security, efficiency, and integrity of the HVCS. In particular, the ACCC considers that, without the ability of AusPayNet to enforce compliance with the HVCS regulations and procedures, the operational efficiency of the HVCS could be reduced, which would compromise the industry’s ability to coordinate the clearing and settlement of high value payments.
The ACCC is proposing to grant re-authorisation for 10 years. The ACCC is accepting submissions until 25 March 2022 on the draft determination.
Further information about the application for authorisation and the ACCC’s draft determination is available on the authorisation public register at: Australian Payments Network Limited (High Value Clearing System).