The ACCC has today revoked authorisations A91473 and A91474, and substituted authorisation AA1000678, enabling Australian Payments Network Limited (AusPayNet) to give effect to suspension and termination provisions in the Bulk Electronic Clearing System (BECS) Regulations.
BECS is a system for managing the conduct of the exchange and settlement of bulk electronic low value transactions. The BECS Regulations contain provisions concerning the corporate governance of the system, including membership criteria, suspension and termination provisions, settlement and dispute resolution, amongst other matters. Only the suspension and termination provisions are the subject of this application.
The ACCC has granted authorisation for a period of 10 years, until 29 August 2034.
Further information on the application, the draft determination and the final determination is available on the ACCC’s public register at: Australian Payments Network Limited – Bulk Electronic Clearing System.