The ACCC has issued a determination granting re-authorisation to Australian Payments Network Limited (AusPayNet) for the certification, suspension, and termination provisions of the Issuers and Acquirers Community (IAC) Regulations and Code Set.
The IAC framework is a payment clearing and settlement system created by AusPayNet to set minimum standards for conduct and settlement procedures for transactions between banks carried across ATM and card payment networks (including Visa, Mastercard, American Express and eftpos).
The IAC framework and preceding frameworks have been authorised by the ACCC since 2000, and was last re-authorised in 2015. The ACCC has granted re-authorisation for another five years.
The ACCC considers that the certification, suspension and termination provisions are likely to result in public benefits through the promotion of the security, efficiency and integrity of the IAC framework, and thus the ATM and EFTPOS payments system. In particular, the ACCC considers that without the ability of IAC members to self-enforce compliance with IAC standards, the operational efficiency of the IAC could be reduced, which would compromise the industry’s ability to efficiently centrally coordinate the clearing and settlement of EFTPOS and ATM transactions.
Further information about the application for authorisation and the ACCC’s determination is available on the authorisation public register at: Australian Payments Network Limited (AusPayNet).