The Australian Payments Council released today a new strategic agenda, Payments in a Global, Digital World, to ensure that the payments system continues to meet the changing needs of all users in a rapidly digitalising economy.
The release comes against a backdrop of ongoing evolution and emerging business models such as social media platforms that operate globally and regionally.
“The new strategic agenda acknowledges the trends towards globalisation and regionalisation of payment services. Our vision encapsulates a payments system that continues to inspire trust and confidence and to support the economy in this dynamic, global context”, said Robert Milliner, Chairman of the APC.
The APC’s 2015 Australian Payments Plan outlined a future in which digital payments would become integrated and, ultimately, embedded into our everyday lives. Over the last three years, the Plan has guided industry thinking in areas such as the changing payments mix, open data and digital identity.
“Our strategic agenda builds on that work, and also represents a step change in our approach to ensuring the resilience, efficiency, accessibility and adaptability of the payments system as our world becomes increasingly globalised, digitalised and inter-connected”, said Mr Milliner.
The strategic agenda sets five key focus areas for the APC’s work:
• Systemic resilience: The APC will lead a programme of work designed to identify, manage and mitigate risks to payments system resilience.
• Combatting financial crime: The APC will develop a two-pronged approach based on prevention and detection and customer protection.
• Financial inclusion and accessibility: The APC will develop guiding principles for financial inclusion and technology impact assessment guidelines.
• Interoperability: The APC will deliver a vision and roadmap for increasing payments interoperability and reducing friction.
• Sustainable innovation:
The APC will ensure there are clear guidelines for innovation and auditable processes that allow a wide range of service providers to identify and appropriately manage risk.
The strategic agenda was developed following extensive engagement with stakeholders from across the community and the APC public consultation, conducted between January and March 2019.
“We thank everyone who has contributed and encourage continued involvement as we progress our strategic agenda starting with a sectoral assessment later this year”, said Mr Milliner.