The Australian Banking Association (ABA) has commented on the exposure draft legislation released today (10 October), which seeks to update the regulatory framework for payment service providers in Australia.

ABA CEO Simon Birmingham said the proposed reforms represent a significant step towards maintaining a safe, secure, and fit-for-purpose payments system in Australia.

“Australians now have access to a range of payment options and, no matter how they choose to pay, they should be afforded the same consumer protections,”

Birmingham said.

“Banks have called for a core licensing regime for some time and welcome the clearer obligations on payment service providers that will be delivered with these reforms.

“These reforms will help to ensure our regulatory framework continues to deliver a world-class payments system across the entire economy. Importantly, these changes are about making sure all players in the payments system, including multinational tech companies, are captured by the same rules.

“Banks welcome the opportunity to engage with the Government on these important reforms that will support confidence, innovation and growth in our payments system.”

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