Memorandum of Understanding for Liaison Procedures between the RBA and AusPayNet

Since May 2007, the Reserve Bank of Australia (RBA) and the Australian Payments Network (AusPayNet), formerly Australian Payments Clearing Association (APCA), have had procedures for liaison on payments policy issues.

AusPayNet was founded in 1992 as a self-regulatory body to develop and manage regulations and standards governing payments clearing and settlement within Australia. Its role has broadened over the years to that of an industry association that facilitates collaboration between payments industry participants and advocates for industry policy. It has more than 130 members who are involved in various aspects of the payments industry, including financial institutions, retailers, payment system operators and technology companies. As a participant in payment systems, the RBA has been a member of AusPayNet since its inception. The RBA also has special rights of representation, including an automatic right to appoint representatives to the AusPayNet Board and certain management committees, with the RBA represented from its operational, rather than payments policy, areas.

To help ensure continued close cooperation between the RBA and AusPayNet, the two organisations have agreed a Memorandum of Understanding for liaison procedures, which was most recently updated in October 2023. Under these arrangements, senior staff from the RBA will consult with AusPayNet on a regular basis on issues of common interest.