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The world of payments is constantly changing and evolving. APCA is often involved in these changes and some of our current projects are highlighted below.

Next Generation Banknotes

APCA established the Next Generation Banknote Support Project in September 2015 to support the Reserve Bank of Australia in introducing the next generation of banknotes. The first banknote, the new $5, will be issued from 1 September 2016, with the other denominations being progressively introduced in following years. The banknotes include new security features and the designs have been modified accordingly.

Read more here.

Australian Payments Plan

The Australian Payments Council published the Australia Payments Plan on 4 December 2015. The plan provides strategic direction to the payments industry for the next ten years. To ensure that the payments system continues to meet the desired characteristics of resilience, efficiency, accessibility and adaptability as it evolves, the plan has identified a number of initiatives for industry to collaborate on.

Read more about the APP here.

New Payments Platform

The New Payments Platform (NPP) is a major industry initiative to develop new national infrastructure for fast, flexible, data rich payments in Australia. It is expected to be operational in the second half of 2017 and is currently in its fourth phase “build and internal test”

Read more here.

Decline of Cheques and the Digital Economy

The latest Milestones Report (April, 2016) is available now. The report tracks the progress against the recommendations and commitments made by APCA in 'The Decline of Cheques: Building a Bridge to the Digital Economy' (May, 2012).

View all Milestones Reports here.

Financial System Inquiry

The government released its response to the FSI Final Report in October 2015 and accepted all but one of the report’s 44 Recommendations. A number of issues have emerged from the response and should be subject to further consultation with industry in 2016. APCA has been an active participant throughout the FSI process, contributing multiple submissions which began in 2013 when the Commonwealth Government launched the inquiry as a root and branch review of the Australian financial system.

Read more here.