APCA formed the Real-Time Payments Committee in September 2012 to develop a clear way forward for the Australian payments industry on real-time, low-value payments.
The catalyst for action was the publication in June 2012 of the Payments System Board’s Conclusions to the Strategic Review of the Innovation in the Payments System. In November 2012 the Payments System Board released “Core Criteria” to provide more detail on how proposed solutions would be assessed.
The Committee lodged the final proposal with the Payments System Board on 8 February 2013. The Proposal was accepted at the Board’s meeting on 15 February 2013. Click below for:
Summary of Real-Time Payments Committee Proposal
Full Real-Time Payments Committee Proposal
The industry proposal evolved to become the New Payments Platform Program which began in June 2013.
The Committee, which first met on 5 October 2012 comprised:
- A senior representative from each of the following:- Australia and New Zealand Banking Group Limited, Bendigo and Adelaide Bank, Citigroup, Commonwealth Bank of Australia, Cuscal, National Australia Bank and Westpac Banking Corporation;
- The APCA CEO; and
- An independent chair.
The independent chair was Dr Jenny Fagg.
With a 25 year career in financial services, Dr Fagg was most recently CEO of ANZ National Bank, the largest bank in New Zealand. Previously, she was Managing Director, ANZ Consumer Finance.
Dr Fagg left ANZ in 2011. Dr Fagg has particular expertise in Payments and Risk Management.