AusPayNet axes 2030 retirement target for BECS system
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The news: The Australian Payments Network (AusPayNet) has ditched its 2030 deadline for the retirement of the Bulk Electronic Clearance System (BECS), saying the date was no longer achievable.
Speaking at the AusPayNet Summit in Sydney on Tuesday, chair John Brogden said industry consultation had indicated that the "vast majority" of BECS members believed the goal was no longer tenable.
"AusPayNet has therefore decided to remove the June 30 target end date until further progress has been made, and a clear road map has been developed for the future of account to account payments in Australia," Brogden said.
"AusPay and AP+ are working collaboratively through a payments roundtable with the RBA and the Commonwealth Treasury under an ACCC authorisation to help shape a shared vision for the future of account to account payments in Australia, and define a roadmap of high level deliverables and milestones for achieving that mission, including clear prioritisation and sequencing, with both expected in 2026," he said.
"Members of banks, members of the NPP, operators of other alternative payment systems, to BECCS and relevant end user groups are being appropriately engaged through the process."
The context: The long-anticipated update offers clarity to the payments system with BECS used for low-cost payments, including direct debits, credits, bills, salaries and peer to peer bank transfers.
Last year Reserve Bank assistant governor Brad Jones warned that the transition from BECS to the New Payments Platform (NPP) has become a "foundational issue".
As of July, Zepto data showed 90% of retail account-to-account (A2A) payments still used the legacy BECS infrastructure.
The source: AusPayNet Summit
