Navigating the Future of Account-to-Account Payments in Australia

On March 11, 2025, the Reserve Bank of Australia issued an update regarding Proposed Decommissioning of the Bulk Electronic Clearing System – RBA Risk Assessment. The risk assessment concludes that industry has yet to arrive at a shared vision for account-to-account payments in Australia and there's insufficient coordination, planning, and certainty regarding transition. Industry is expected to define a target future state, consider alternative options, and establish a transition plan, prioritizing recommendations with urgency and addressing potential contingencies.