Australian Payment Networks Limited – Bulk Electronic Clearing System

Australian Payments Network Limited (AusPayNet) is seeking revocation of authorisations A91473 and 91474 and their substitution with authorisation AA1000678. The authorisation concerns the termination and suspension provisions in the Bulk Electronic Clearing System (BECS) Regulations, which were previously authorised in 2015. The current authorisations are due to expire on 24 April 2025.

AusPayNet manages and develops regulations, procedures, policies and standards governing various payments clearing and settlement systems in Australia, including BECS.

BECS is a system for managing the conduct of the exchange and settlement of bulk electronic low value transactions. BECS covers direct entry payments. The direct entry system allows approved organisations to make arrangements with their financial institution to debit or credit large numbers of customer accounts on a regular basis.

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.

AusPayNet is seeking authorisation for 10 years.

The ACCC invites views of interested parties on AusPayNet’s application for revocation and substitution of a new authorisation. Submissions are requested by 8 October 2024. If you wish to make a submission, please do so via this web form. An indicative timeline is set out below. Any changes to this timeline will be published here.