(2 July 2025 ā Australia) The Reserve Bank of Australia (RBA) and Treasury welcomes the release of a public consultation by AP+ and AusPayNet on the future of the account-to-account (A2A) payments system.
Assessment of the proposed decommissioning of the Bulk Electronic Clearing System (BECS) by 2030 forms the basis of the consultation by formulating a clear vision for the A2A payments system that is consistent with public interest considerations. This is a foundational recommendation of the recent RBA Risk Assessment.
In 2024, BECS facilitated 3.5 billion payments worth A$17.4 trillion, representing almost 90 percent of Australian retail A2A payments value. In 2024, the New Payments Platform (NPP) processed 1.63 billion transactions in real time with a total value of over A$2 trillion. The NPP now accounts for one in three A2A payments, over 27 million PayIDs are registered and 114 million accounts can make and receive NPP payments.
Global A2A payment volumes are expanding rapidly, projected to rise by over 200 percent from 60 billion transactions in 2024 to 186 billion by 2029 as businesses and consumers more actively execute transactions directly between accounts.
To support the development of the vision, the RBA is publishing a paper outlining itsĀ public interest framework for the account-to-account payments system. Central to the success of the future system is its ability to provide all end-users with access to payments options that are capable of meeting their needs and that are cost-effective, reliable and safe. Achievement of these objectives will require effective industry governance arrangements, resilient infrastructure and competition and innovation among participants.
āTo support the development of the vision, the RBA has published a paper outlining our public interest framework for the account-to-account payments system. Central to the success of the future system is its ability to provide all end users with access to payments options that are capable of meeting their needs, and that are cost-effective, reliable and safe. Achievement of these objectives will require effective industry governance arrangements, resilient infrastructure and competition and innovation among participantsā commented RBA Head of Payments Policy, Ellis Connolly.
āThe account-to-account system supports consumers, businesses and government agencies in their everyday economic activities. It is a vital part of Australiaās financial infrastructure. This consultation provides a broad range of stakeholders the chance to provide input into how the system can be modernised to meet the opportunities and challenges of the future, in the public interestā stated RBA Assistant Governor, Financial System, Brad Jones.
