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FRAMING THE NEXT GENERATION OF PAYMENTS Annual Review 2018
Australian Payments Network Limited ABN 12 055 136 519 Level 23, Tower 3 International Towers Sydney 300 Barangaroo Avenue Sydney NSW 2000 Telephone +61 2 9216 4888 Email info@auspaynet.com.au www.auspaynet.com.au
ANNUAL REVIEW 2018
CONTENTS
About Us 2
Chair and CEO Message 4
Highlights 5
Australian Payments Landscape 6
Payments Innovation 10
Effective Self-Regulation 13
Leadership in Collaboration 18
Board of Directors 22
Governance Framework 25
Leadership Team 26
Membership 27
Glossary 28
This Annual Review is designed to provide our members and stakeholders
with a summary of what was achieved in financial year 2017-2018.
References in this report to a year are to financial year ended 30 June 2018
unless otherwise stated.
All location photos in this Annual Review were taken by AusPayNet staff.
We are delighted to feature them in this year’s report.
PAGE 1
AUSTRALIAN PAYMENTS NETWORK
Australian Payments Network champions the
payments system.
We enable competition and innovation, promote
efficiency, and manage risk to deliver improvements
for all users of the payments system.
We bring together a diverse range of organisations
including financial institutions, major retailers,
payment systems operators and technology providers.
Our network includes more than 120 members and
participants, and we welcome involvement from all
organisations with a significant interest in payments.
In our role as the self-regulatory body for payments,
we take an inquisitive, front-footed approach to help
frame the next generation of payments.
PAGE 2
ANNUAL REVIEW 2018
FRAMING THE FUTURE Payments Innovation
Consumer preferences, advances in
technology and regulatory changes are
The payments system is opening up new opportunities. This year,
through wide collaboration, we developed
evolving faster than ever as new frameworks and standards to help bring
consumers, businesses, and innovative offerings to market faster with
reduced risk.
regulators embrace the digital
world. To stay abreast of the
changing landscape, we focus Effective Self-Regulation
on three core areas. Alongside exciting opportunities, the rapidly
changing landscape also exposes new risks.
We are responding in a way that improves
efficiency and competition, and ensures a
robust payments system.
Leadership in Collaboration
Embracing new opportunities and challenges
involves coordination and collaboration. We
bring together a diverse set of participants
to harness the benefits of change, and make
payments thrive.
PAGE 3
AUSTRALIAN PAYMENTS NETWORK
CHAIR AND CEO MESSAGE
This financial year, we saw payments
evolve in ways that is accelerating
change and likely to shape our
industry for decades to come.
New York Times columnist Thomas starting point for ongoing industry hard to ensure that our membership
Friedman recently described our era as collaboration on open data. criteria and processes are inclusive.
‘the age of accelerations’. While referring We were delighted to welcome 12 new
Statistics released in our fraud report
to the non-linear acceleration that can members during the year.
for 2017 showed that card-not-present
be observed today in such areas as
(CNP) fraud accounted for almost 85%
technology, globalisation and climate
of all fraud on Australian cards. As chip Looking ahead
change, his concept is equally relevant to
technology has strengthened protections The force of change in our industry is
Australia’s payments industry. Such rapid
for in-person fraud, criminal activity is not unique to Australia. Looking offshore,
change can be overwhelming, but we
migrating online. In response, AusPayNet the intense interest in payments by
are pleased to say that our industry has
led a collaborative initiative across the non-traditional participants – Facebook,
embraced the challenge.
e-commerce community to tackle CNP Snapchat, Google among them - is not hard
fraud. Together, we have developed a to miss, and a by-product of the ubiquity of
Framing fast, convenient high-impact framework, with broader smartphones.
and secure payments consultation underway.
The landscape is shifting rapidly and the
A highlight of the year was the launch Digital Identity was once again a fast- payments world we know today may not
in February of the National Payments moving space for policy and technology be recognisable in a decade’s time. It is
Platform (NPP). We are proud of NPP’s roots development in FY18. This too is a highly therefore critical that Australia’s world-
within AusPayNet, where our team led complex area requiring cross-industry class system – including the regulations
the early industry collaborative work. Its collaboration. We are coordinating efforts governing it – continues to adapt and
success is an example of productive multi- through the APC, including working remain fit for purpose.
stakeholder collaboration in payments - with the Federal Government’s Digital
congratulations go to all involved. Transformation Agency, with an agreed AusPayNet is committed to ensuring the
framework expected at the end of 2018. payments system embraces innovation,
This year also saw advances in open-loop while remaining efficient, competitive,
payments in transport. We supported a and secure. As busy as FY18 was, the year
Sydney pilot conducted by Transport for Embracing new technologies underway is shaping up to be at least as
NSW, in which commuters were able to and standards challenging. We extend heartfelt thanks
pay their fare using contactless cards, to our fellow directors, members, the
A large part of AusPayNet‘s focus in FY18
smartphones or wearables rather than an RBA and other regulators, and all of our
was working to ensure that new payments
Opal card. The highly successful trial has stakeholders for their generous support
technology – increasingly software-based
been expanded. and ongoing contribution. We also thank
- is accommodated appropriately. Close
AusPayNet undertook important work to attention has been paid to encouraging the AusPayNet team for their dedication,
plan for the open data regime which will best practice in the adoption of new enthusiasm and passion for making
commence in Australia in mid-2019. A technologies such as blockchain, and payments thrive.
successful two-day Australian Payments secure application of existing technology in
Council (APC) ‘hackathon’ coordinatedby new ways such as PIN on glass.
Robert Craig, Chair
AusPayNet in late 2017 provided a sound
Of course, new technology means new
Leila Fourie, CEO
payments participants. We have worked
PAGE 4
ANNUAL REVIEW 2018
HIGHLIGHTS
In collaboration with transport
authorities, we developed a Ramping up the fight against
online card fraud, our
NATIONAL OPEN LOOP
TRANSPORT PAYMENTS ACCELERATOR EVENT
FRAMEWORK held in collaboration with the
Reserve Bank of Australia,
The new framework is designed to ensure brought together the e-commerce
a consistent customer experience as community. Participants reached
transport authorities across Australia clear consensus to develop the
implement contactless credit and debit CNP Fraud Mitigation Framework.
card payments for transit.
We lodged submissions to Government to help
SHAPE THE FUTURE OF PAYMENTS REGULATION
on Open Banking, Competition in the Australian Financial System,
the Black Economy and the Digital Economy.
Supporting new technologies, This year, we added a new flagship
we contributed to the event to our calendar, holding our
development of
NEW INDUSTRY FIRST AUSTRALIAN
STANDARDS PAYMENT SUMMIT
in December 2017. More than 250
including PCI security standards
experts and innovators from across
for card acceptance and ISO global
the payments landscape participated
standards for blockchain.
in the one-day event.
We led the creation of an APAC / Pacific rim
PAYMENTS THINK TANK - P7
for open dialogue about common themes impacting the region.
PAGE 5
AUSTRALIAN PAYMENTS NETWORK
AUSTRALIAN PAYMENTS LANDSCAPE
The payments system is evolving faster than ever as consumers,
businesses, and regulators embrace the digital world.
Australia’s adoption of digital services continues increasing in both scope and number 2013
• ONLINE SHOPPING CONTINUES TO GAIN INCREASING MOMENTUM
$22.7BN (2017) $26.5BN (2018)- UP 16.7%
Australia is ranked in the top 10 for digital readiness
AUSTRALIA IS
ONLINE SHOPPING
CONTINUES
RANKED IN THE $22.7 $26.5
TOP 10 FOR 10th out of TO GAIN INCREASING
MOMENTUM
Billion Billion
16.7%
118 countries 2017 2018
DIGITAL
READINESS
Sources: Cisco Australian Digital Readiness Index; NAB Online Retail Sales Index
• Consumers are consistently choosing digital payment methods
Card payments grew by a record 12.7%.
7.8 billion (2017) 8.8 billion (2018)
Cheque use continues to plummet
Direct entry payments grew by 4.2% to 3.9 billion 99.9 million (2017) 80.4 million (2018) - down 20%
2017
2017
2018
2018
2013
2016
2015
8.8 8.8 99.9
Million
Billion Billion
80.4
2017
2017
7.8 7.8
4.2%12.7%
Million
Billion 2015 2016 2017 Billion 2015 2016 2017
2013 2017 2013 -20%
PAY
➧
PAY
2017 2018
.0%
DIRECT ENTRY CHEQUE USE
DebitCard DebitCard
PAYMENTS GREW BY CONTINUES TO
CreditCard
4.2% TO 3.9 BILLION
CreditCard
PLUMMET
CARD USE
DOW GREW ATM WITHDRAWALS
N -4
BY A RECORD %
12.7% DROPPED TO
600 MILLION
600
Million Source: Reserve Bank of Australia
600 Million DOWN 4%
PAGE 6
ANNUAL REVIEW 2018
2013 2017
Mobile is leading digital adoption
9 out of 10 people own a smartphone.
7 out of 10 smartphone owners make
payments on their phone.
2015
2016
2015
2016
2015
2016
2015
2016
2015
2016
2017 2017 2017 2017 2017
2013 2013 2013 2013
2017 2017 2017 2017
9 OUT OF 10 7 OUT OF 10 2015
PAY
2015
PAY
2015
PAY
2015
PAY
2015
SMARTPHONE OWNERS PAY 2016 2016 2016 2016 2016
PEOPLE
2017 2017 2017 2017 2017
MAKE PAYMENTS
2013 2013 2013 2013
OWN A
2017 2017 2017 2017
SMARTPHONE ON THEIR PHONE PAY PAY
Sources: Deloitte Mobile Consumer Survey; Paypal mCommerce Index
As digital habits change so too do Australia’s preferences around security 2015 2016 2017
31% of all smartphone owners ages 16-75 use fingerprint recognition
2013 2017
2015 2016 2017
2013 2017
31% OF ALL SMARTPHONE
56% OF AUSTRALIANS OWNERS AGES 16-75
ARE COMFORTABLE USING USE FINGERPRINT
THEIR THUMBPRINT, VOICE RECOGNITION
PAY OR RETINA FOR PAYMENT
to
Sources
rticipating financial Visa; Deloitte
Institutions
Some 2 million registrations for
The New Payments Platform is set to drive the evolution of payments PayID
$ SOME 2 MILLION
2015
2016
2017
REGISTRATIONS
2013
2017
CLOSE TO
60 PARTICIPATING FOR THE 0403 XXX XXX
FINANCIAL PAYID ADDRESSING
INSTITUTIONS SERVICE
Source: NPP Australia Limited
Australia is punching above its weight in Fintech
Australia is ranked in the top 5 countries
Digital bank, Volt Bank, is the first to become a restricted ADI for Fintech activity
$$$
More than
2015 2016 2017
650 Fintechs
are operating 2013 2017
in Australia
$ $
Top 5
650 FINTECHS
ARE OPERATING IN A DIGITAL-ONLY BANK AUSTRALIA IS RANKED IN
AUSTRALIA, A FIVEFOLD IS GRANTED APRA’S FIRST THE TOP 5 COUNTRIES
INCREASE SINCE 2014 RESTRICTED ADI LICENCE FOR FINTECH ACTIVITY
Source: KPMG Australian Fintech Landscape; APRA; EY FinTech PAGE 7
Australia Census
AUSTRALIAN PAYMENTS NETWORK
Customer preference for digital payments
provides a powerful base for innovation.
OVERVIEW OF CUSTOMER 7 Cheques
PAYMENT TRENDS Direct Credit
Number of Payments Direct Debit
Credit Card
(in Billions) 6 Debit Card
Total for Financial Year
5
4
3
2
Cheques
Direct Credit
Direct Debit
1
Credit Card
Debit Card
0
06
07
08
09
10
11
12
13
14
15
16
17
18
20
20
20
20
20
20
20
20
20
20
20
20
20
Source: Reserve Bank of Australia
Cards NUMBER OF CARD PAYMENTS
NUMBER OF CARD PAYMENTS (Billions)
VALUE OF CARD PAYMENTS
VALUE OF CARD PAYMENTS (Billions)
(Billions) ($ Billions)
Cards are the most popular payment
method in Australia. This year, card use Debit Cards Credit Cards Debit Cards Credit Cards
grew by 12.7%, the highest rate in a
decade, to reach 8.8 billion transactions.
2018 2017 2016 2015 2014
2018 2017 2016 2015 2014
216.2
281.3
3.6
2.0
Debit cards dominate, representing 68.4%
of all card payments. Debit cards witnessed
235.5
295.0
4.0
2.2
the highest growth rate ever, soaring by
15.7% to 6.0 billion transactions. Debit
256.4
307.9
4.6
2.4
card values increased to $305 billion – up
10.0%, the first double digit growth rate
277.2
319.7
5.2
2.6
since 2013. Credit card growth remains
consistent, increasing by 6.7% in number
305.1
329.7
6.0
2.8
to 2.8 billion, and by 3.1% in value to
0 2 4 6 8 10 0 100 200 300 400 500 600 700
$329.7 billion this year.
Source: Reserve Bank of Australia
15
16
17
18
20
20
20
20
PAGE 8ANNUAL REVIEW 2018
Direct Entry NUMBER OF DIRECT ENTRY PAYMENTS VALUE OF DIRECT ENTRY PAYMENTS
NUMBER OF(Billions)
DIRECT ENTRY PAYMENTS (BILLIONS) VALUE OF DIRECT ENTRY PAYMENTS ($ TRILLIONS)
($ Trillions)
The number of direct credits reached
2.7 billion – up 3.8%. By value, direct credits Direct Debits Direct Credits Direct Debits Direct Credits
largely remained steady, dipping down
0.6% to $9.1 trillion. Direct debits followed a 2018 2017 2016 2015 2014
2018 2017 2016 2015 2014
0.8
2.1
5.8
8.1
similar pattern, growing in number by 4.9%
to 1.2 billion, but dropping in value by 8.7% 0.9
2.2
5.7
8.4
to $5.5 trillion. Some value is likely moving
to cards, and while still early days, to the
1.0
2.4
5.9
8.7
NPP, following its launch in February 2018.
1.1
2.6
6.1
9.2
1.2
2.7
5.5
9.1
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5 10 15 20
Source: Reserve Bank of Australia
NUMBER OF CASH WITHDRAWALS (BILLIONS) NUMBER OF CASH WITHDRAWALS ($ BILLIONS)
Cash NUMBER OF CASH WITHDRAWALS VALUE OF CASH WITHDRAWALS
(Millions) ($ Billions)
ATM withdrawals continued their steady
decline, falling to 600.2 million – down
4.0%. This compares to a 7.5% drop
2018 2017 2016 2015 2014
2018 2017 2016 2015 2014
760.6 144.5
last year. The value of ATM withdrawals
remained at around $133.0 billion, down 723.5 142.1
a slight 0.3%, compared to a 4.0% drop in
2017. The slowing rate of decline suggests 675.8 138.7
that Australians are using ATMs more often
following the removal ATM direct charges 625.4 133.1
to non-customers from September 2017.
Notwithstanding this, ATM withdrawals have 600.2 132.7
dropped by 21.1% since 2014.
0 100 200 300 400 500 600 700 800 0 30 60 90 120 150
Source: Reserve Bank of Australia
NUMBER OF CHEQUE PAYMENTS (MILLIONS) VALUE OF CHEQUE PAYMENTS ($ TRILLIONS)
Cheques NUMBER OF CHEQUE PAYMENTS VALUE OF CHEQUE PAYMENTS
(Millions) ($ Trillions)
Cheque use plummeted by 19.6%, with
cheques numbers dropping from 99.9
million to 80.4 million. This follows a 21%
2018 2017 2016 2015 2014
2018 2017 2016 2015 2014
181.0 1.2
drop in 2017. Cheque values dropped by
12.5% to $1 trillion. The rate of decline in 152.6 1.2
value is the strongest since 2009, and the
first double-digit fall since 2011. 126.4 1.2
99.9 1.1
80.4 1.0
0 50 100 150 200 0.0 0.2 0.4 0.6 0.8 1.0 1.2
Source: Reserve Bank of Australia
PAGE 9PAYMENTS
INNOVATION
Consumer preferences, advances in
technology and regulatory changes are
opening up new opportunities. This year,
through wide collaboration, we developed
new frameworks and standards to help
bring innovative offerings to market
faster with reduced risk.ANNUAL REVIEW 2018
Frameworks and common standards play an important
role in providing a whole of industry approach to
enabling secure payments innovation.
2015 2016 2017 2015 2016 2017
2013 2017 2013 2017
Contactless payments for transit more than
Some 60 card-accepting devices and
systems were approved through our device
In collaboration with transport authorities
and industry, this year, we released a
60 devices
certification program this year - up 20% on
national Open Loop Transport Payments
Framework. This builds on the framework
approved
the 2017 financial year.
Supporting secure innovation
20%
we developed last year with Transport for
NSW to support Australia’s first Contactless Standards frameworks help instil
Transport Payments Trial launched in community confidence in emerging
July 2017. The initiative, which started on technologies. An important part of our work
Sydney’s Manly ferry, enables customers involves developing AusPayNet’s security
to pay for transit using their own debit or rules as new technologies emerge and more than
credit card (or smartphone or wearable,
rather than an Opal card). Following the
contributing to national and international
standards developments. This year, we
60 devices
trial’s success, Transport for NSW expanded
contactless payments to all Sydney ferries
contributed to the development of a new
PCI security standard to protect PINs
approved
(and a light rail line) in March 2018. entered on commercial off-the-shelf
The new Open Loop Transport Framework
is designed to help transport authorities
and partners across Australia introduce
devices (like smartphones and tablets)
used by merchants. The PCI security
standard was published in January 2018.
20%
contactless payments for transit. In
addition to providing guidance on selecting
secure implementation models, the
national framework ensures a consistent
ticketing experience for customers.
Ensuring security of all card
accepting devices
As open loop payments become more
The new Open Loop Transport
widespread outside the retail sector,
industry is ensuring the security of all card
Framework is designed to
accepting devices. This year, our Issuers help transport authorities
and Acquirers Forum expanded AusPayNet’s
device certification program beyond ATM and partners across Australia
and POS devices to include all devices that
accept debit and credit card payments. The introduce contactless
expanded scope covers for example, transit
devices, vending machines and parking
payments for transit.
meters. The new requirements come into
effect from 1 July 2019.
PAGE 11AUSTRALIAN PAYMENTS NETWORK
INNOVATION
Blockchain Data sharing and open banking Digital ID
As blockchain explorations continue, we The trend towards open banking is a Through the Australian Payments Council,
are likely to see new applications and common global theme. To explore the the industry is developing a standards-
solutions roll-out. AusPayNet is monitoring potential and challenges of data sharing, in based trust framework that will support
developments. We also participate on August 2017, we supported the Australian more convenient and secure ways for
the ISO committee developing global Payments Council’s highly successful individuals and organisations to interact
standards for blockchain and distributed two-day ‘hackathon’. The event saw teams online. The work has involved close
ledger technologies. In May 2018, we joined from across Australia using payments data engagement with the fintech community
130 participants from 35 ISO members to develop apps ranging from financial and Government.
to review draft standards for reference planning to rewards program comparison.
architecture and interoperability, security The hackathon was a valuable starting The future of payments
and privacy, and smart contracts. With point for industry collaboration around
good progress made, ISO expects to publish open data. This year, we developed a technology and
the first draft reports by mid-2019. innovation roadmap to guide our focus
Open data is gaining real momentum in on the next generation of payments. We
Australia. The Government’s decision to are now actively exploring technologies
New infrastructure implement a Consumer Data Right (CDR) like QR codes, AI, and biometrics and the
to support innovation and more specifically open banking implication for Australian payments.
The launch of the New Payments Platform presents new opportunities for consumer
driven innovation. The CSIRO’s Data61 is In the coming year, through industry
(NPP) in February 2018 was a landmark consultation, we will deliver a clear vision
for payments innovation. The NPP is next- leading the development of technical
standards for the CDR, as the Data for the future of Australia’s payment
generation infrastructure equipped to systems, and the messaging that
meet evolving customer needs. Services Standards Body (DSB). Our Chief Operating
Officer, Andy White is a member of the supports them.
built on the NPP leverage the benefits of
near-instant, flexible, data-rich payments, committee advising the DSB, along with
24/7/365. This can be seen in the first representatives from data holders, data
service ‘Osko’, which offers customers recipients and consumer and privacy
an easy way to pay one another via a advocates.
mobile phone number. AusPayNet was
instrumental in the early development of
the NPP including the establishment of NPP
Australia. We were delighted to welcome
NPP Australia as an Operator member in
December 2017. We are now actively exploring
technologies like QR codes, AI, and
biometrics and the implication for
Australian payments.
PAGE 12EFFECTIVE
SELF-REGULATION
Alongside exciting opportunities, the
rapid changing landscape also exposes
new risks. We are responding in a way
that improves efficiency and competition,
and ensures a robust payments system.AUSTRALIAN PAYMENTS NETWORK
FRAUD PREVENTION
Combatting card fraud is a key industry priority. This year,
we joined forces with the broader e-commerce community
to ramp up the fight against online card fraud.
Payments fraud is changing in Ramping up the fight against We continue to work closely with the
line with consumer preferences. online fraud e-commerce community to garner
The steady rise in online shopping feedback on the Framework. The next steps
In February 2018, we held an Accelerator involve drafting implementation guidelines
effectively illustrates the changing event in cooperation with the Reserve and consulting on implementation
payments landscape. Globally, online Bank of Australia, to ramp up the fight, and timeframes. Compliance with the
sales continue to account for a accelerate the adoption of online fraud framework is expected to be enforced
growing portion of total retail. In line prevention measures. The event brought through AusPayNet’s IAC Code Set.
with global trends, the shift towards together the entire range of e-commerce
online shopping is also seeing rising stakeholders to expedite a new, whole of Chip technology protecting
online payment fraud. In 2017, card- industry approach for tackling CNP fraud
(see page 21). Participants reached clear
against in-person fraud
not-present (CNP), mainly occurring
online, accounted for 85% of all fraud consensus to develop a high-impact Last year, we reported that industry had
industry framework, underpinned by completed the roll-out of chip technology
on Australian cards.
collaboratively agreed principles. at ATMs. With the clear majority of cards,
POS terminals and ATMs now EMV compliant,
CNP Fraud Mitigation Framework counterfeit/skimming fraud dropped to
the lowest value since we first published
In close consultation with the e-commerce fraud statistics in 2006. Continued efforts
community, we have been leading industry at every level, and close cooperation with
work to develop the CNP Fraud Mitigation law enforcement, are providing strong
Framework. The new framework clearly protection for in-person fraud.
defines actions and responsibilities for
reducing CNP fraud across the online
payments community. For example, issuers
will adopt targets for lowering online
fraud on their card-bases. The industry
has also set a benchmark for acceptable
fraud risk for merchants. Merchants
with fraud rates above this level will be
required to use multi-factor authentication
measures, except for exempt transactions.
Multi-factor authentication adds layers of
security by using more than one attribute
to verify consumers online.
PAGE 14TIO
N
T I O N- REGULATION
GUL A SELF
SEL
ANNUAL REVIEW 2018
R E
F
ELF -
- RE
SELF - REGULATION
GUL
ATIO
N
Evolving security standards We represent industry on domestic and global standards bodies.
AusPayNet is at the front line of standards
development for card payments security. ISO/TC68 Financial Services
This includes Australian standards and
global ISO and PCI standards. This year, ISO/TC68 FinTech – Technical Advisory Group
Standards Australia published revised ISO/TC68/SC2 Financial Services Security
standards for cryptographic keys used to
initialise POS terminals (AS2805.6.5.3). We ISO/ TC68/SC2/Working Group 11
contributed to this major work, the first in a
substantial review of the AS2805 suite. More ISO/TC68/SC2/Working Group 13
broadly, AusPayNet continues to review
relevant standards from PCI, EMVCo, ISO, ISO/TC68/SC7 Core Banking
NIST, Fast IDentity Online Alliance (FIDO) and
W3C (the World Wide Web Consortium) to ISO/TC68/SC7/Working Group 10
improve global card payment security.
ISO/TC307 Blockchain and Distributed Ledger Technologies
Next generation banknotes ISO20022 Registration Management Group
While cards have overtaken cash as the
Standards Australia Committee IT/5
most popular payment method, cash
remains important. The Reserve Bank of Standards Australia Committee IT/5/3
Australia is progressively rolling-out next
generation banknotes to ensure Australia’s Standards Australia Working Group IT/5/4
currency remains among the most secure
against counterfeiting. Following release Standards Australia Working Group IT/5/8
of the new $10 banknote in September
2017, industry is preparing for the new SWIFT Australian National Member Group
$50 banknote in October 2018 - the first
SWIFT Australian User Group
to impact Australia’s ATM network. We are
monitoring upgrades and reconfigurations Payments Card Industry Security Standards Council (PCI SSC) (Affiliate member)
to ATMs, as well as to cash equipment and
dispensing machines, to ensure a smooth PCI SSC Mobile Working Group
transition once the new $50 banknote
enters circulation. PCI SCC PIN Assessment Working Group
PCI SSC PIN Transaction Security Working Group
PCI SSC Software Security Working Group
PAGE 15AUSTRALIAN PAYMENTS NETWORK
CORE PAYMENT SYSTEMS
An important part of our role is managing core payments
systems and frameworks. These rules, procedures and common
standards ensure payments are exchanged safely and securely.
AusPayNet manages core systems for Through management committees of This year, we also began investigating
cards, direct entry, cheques and high-value member representatives, we update moving to a more agile, principles-based
payments. We also manage frameworks and develop new industry-wide rules approach to ensure that our governance
for the bulk distribution of cash, and the and procedures to support the evolving frameworks, rules and procedures
Community of Interest Network (COIN) payments environment. A summary of continue to be sound, resilient and flexible
infrastructure system. some developments is provided below. enough in the face of exponential change.
BOARD OF DIRECTORS
APCS BECS HVCS ACDES ISSUERS AND COIN
MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT ACQUIRERS INFRASTRUCTURE
COMMITTEE COMMITTEE COMMITTEE COMMITTEE FORUM MANAGEMENT
(Cheques) (Direct Entry) (High Value) (Cash) (Cards) COMMITTEE
Cheque use is The direct entry Members have Industry continues Mitigating card- The COIN provides
plummeting system processes completed work to support the RBA’s not-present fraud the payments
as consumers more than $14.6 to ensure the HVCS progressive roll-out remains a high community with
consistently choose trillion a year. A rules are consistent of new banknotes. priority for the card network connectivity
digital payments. key focus is the with new SWIFT With the new $50 payments industry. for a range of low-
The industry has automation of security controls. note due for release The IAF oversaw value payments
explored further processes to deliver We also undertook in October 2018, work to develop to traffic including
measures to improve efficiencies to a preliminary preparations have high-impact, cross cheques, direct entry
cheque processing members. This year, consideration of been extended to industry framework and cards as well as
efficiencies, leading we kicked-off a migration to ISO ATMs. Members are for fighting online for BPAY and certain
to a focus going project to automate 20022 messaging also reviewing the card fraud for Cardlink payments.
forward on education transaction standards, which will audit arrangements consultation, ahead
and awareness of negotiation feed into a broader for cash centre of implementation
digital alternatives. authorities. cross-industry review. services. from late 2018.
PAGE 16ANNUAL REVIEW 2018
POLICY
The digitisation of the global economy presents both
challenges and opportunities. A self-regulatory approach
continues to be the best way to navigate this journey.
The regulatory landscape is The changing way consumers pay is being undertaken by the RBA and APRA.
becoming more fragmented and policy considerations The intention is to create a simplified tiered
regulatory framework.
The Productivity Commission (PC), in This year, the Government continued to
its Final Report on Competition in the explore policy implications around the Infrastructure investment and
Australian Financial System, recognised rise of digital payments. AusPayNet made
that there is scope for providers to a number of submissions seeking self-
financial inclusion are essential
compete within and between different regulatory and market-based outcomes To ensure that the digital economy and
payment methods, and for new entrants that promote competition and choice. payments can continue to thrive, public
to the payments system. The Government investment in digital infrastructure, including
continues to progress regulatory changes Black Economy Task Force (BET) broadband, needs to continue. Australians
to encourage greater participation into also need appropriate skills, support and
The BET noted the potential for electronic
financial services. confidence to use digital payments. The
payments to bring greater transparency
to money flows within the economy. One of payments industry has undertaken research
In May 2018, APRA introduced a Restricted
its recommendations was the introduction to understand the payment preferences of
ADI (RADI) licencing framework. This
of an economy-wide cash payment limit Australians, which will inform a strategy
enables start-ups to operate under a RADI
of $10,000 made to businesses for goods for managing declining payment methods
licence for two years, while preparing to
or services from 1 July 2019. Among other such as cheques. Through digital education
become an ADI. The framework aims to
things, our submission highlighted that the and support programs, government can
strike a balance between encouraging
mandate of the $10,000 cash payment was also assist in ensuring that all Australians are
competition and maintaining safety and
an opportunity for government to support able to access emerging payment methods.
stability of the banking system.
industry’s work in helping all Australians
A need to balance innovation transition to digital payment methods. OUR SUBMISSIONS THIS YEAR
and risk Aug 2017: Black Economy Taskforce:
Competition in the Australian
In November 2017, the Government Financial System Interim Report
announced the introduction of an Sep 2017: Treasury: Open Banking Review
The PC recommended a ban on card
economy-wide Consumer Data Right (CDR),
payment interchange fees by the end of Sep 2017: Productivity Commission:
committing to a phased implementation
2019. In our submission, we highlighted Competition in the Australian
for open banking from July 2019. Open Financial System – Issues Paper
that previous reviews (2014 Financial
banking enables customers to share their
System Inquiry, 2015-16 RBA Review of Nov 2017: D
epartment of Industry,
transaction data with trusted third parties
Card Payments Regulation) have decided Innovation and Science: Digital
if they choose to do so. This provides
not to proceed with sharply reduced Economy Consultation
exciting opportunities for innovation, but
interchange fees as they can lead to Mar 2018: Productivity Commission:
it is crucial that the right framework and
costs being recovered in other ways, Competition in the Australian
systems are put into place to protect
including from customers. Our submission Financial System – Draft Report
customers and their payments. We have supported proposals for a review of
engaged with the Treasury, ACCC and Purchase Payment Facilities (PPF) and Jun 2018: T reasury: Introduction of an
CIRSO’s Data61 on implementation issues Economy-Wide Cash Limit
the ePayments Code. PPFs provide stored
affecting our members. value products. A review of the PPF regime
PAGE 17LEADERSHIP IN
COLLABORATION
Embracing new opportunities and
challenges involves coordination and
collaboration. We bring together a
diverse set of participants to harness
the benefits of change, and make
payments thrive.ANNUAL REVIEW 2018
Through our network, we work closely with industry, government,
regulators and all stakeholders to frame the future of payments.
We create the right environment for cross-industry collaboration.
Working with Government Member events program Australian Payment Summit
Given the changing payments landscape, Throughout the year, we held member This year, we added a new flagship event
AusPayNet continues to work closely events exploring the latest trends, and the to our program, holding our first Australian
with public regulators including the opportunities and challenges for Australian Payment Summit in December 2017.
Reserve Bank of Australia (RBA), Australian payments. This year’s program included More than 250 experts and innovators
Prudential Regulatory Authority (APRA), sessions on Digital ID in July 2017 and from across the payments landscape
Australian Securities and Investment February 2018, the NPP in August 2017, participated in the one-day event.
Commission (ASIC) and the Australian Stronger Authentication in March 2018,
Themed “Towards a New World of
Competition and Consumer Commission the UK’s Open Banking experience in March
Payments”, the Summit covered a range
(ACCC). We also liaise with Government 2018 and Artificial Intelligence in June
of topics, including open banking,
departments and agencies including The 2018. As part of these sessions, we were
payments fraud, digital ID, blockchain and
Treasury, the Digital Transformation Agency delighted to host guest speakers from
cryptocurrencies, and featured a fintech
(DTA) and the Productivity Commission (PC) Australia, Canada, the United Kingdom and
showcase. We were delighted to have Dr
on issues of payments policy. the United States.
Philip Lowe, Governor of the RBA, present
the Bank’s view on “an e-AUD?”, alongside
market experts who shared local and
international perspectives on topical
issues. The event also provided a valuable
networking opportunity.
Building on this success, we have expanded
the Summit to a two-day event in 2018, to
be held on 26-27 November in cooperation
with Currency Research. We are delighted
that Dr Lowe has accepted our invitation to
deliver the opening keynote again.
MEMBER EVENTS THIS YEAR
Jul 2017: Digital ID
Aug 2017: NPP Update
Feb 2018: KYC and Digital ID
Mar 2018: Stronger Authentication
Mar 2018: Open Banking in the UK
Jun 2018: Artificial Intelligence (AI)
PAGE 19AUSTRALIAN PAYMENTS NETWORK
Industry conferences and events Member and stakeholder Member survey
AusPayNet participates in industry engagement To better serve our members, each year
conferences and forums to share Our relationship meetings with members we seek feedback on our services through
information and stay abreast of and industry stakeholders continued a member satisfaction survey, with the
developments. This year, we took part in to provide great opportunities for results greatly helping to inform our
some 120 events both locally and overseas. collaboration in 2018. AusPayNet also work. We are delighted to report that this
Topics included innovation, the changing expanded the definition of the Operator year 89% of members were satisfied with
payments mix, payments fraud, digital ID, member category to make it easier for our services, up from 84% in 2017. Our
open data, and emerging technologies. Our more payment companies to join our members were clear on what they thought
international engagements saw us visit network. This year, we welcomed 12 new our strategic focus should be over the next
a range of countries including the United members: Diners Club, EFTEX, NPP Australia, three years – managing the payments mix,
States, Canada, the Netherlands, New Payments Express, RACQ Bank, SWIFT emerging technology/digital disruption,
Zealand, the United Kingdom, Singapore Services Australia, Volt Bank, Advam, FIS fraud prevention and digital ID. One area
and Malaysia. Australasia, Quest Payments, Threatmetrix, they feel could be further enhanced is
and Verifone. member communications.
Exchanging information with
international payment associations
Each year, we meet with national
payment associations to exchange
information and discuss emerging
issues from an international perspective.
The International Council of Payment
Association Chief Executives (ICPACE) was
held in May 2018, in San Diego, California.
ICPACE brings together associations
from Australia, Canada, United Kingdom,
United States, Netherlands, New Zealand,
and South Africa. This year, we were
instrumental in setting up Payments 7
(P7) to provide a forum for open dialogue
with payment associations from across
Asia-Pacific. The inaugural P7, involving
Australia, China, India, Malaysia, New
Zealand, Philippines and Singapore, was
held in Sydney in December 2017.
PAGE 20ANNUAL REVIEW 2018
Hosting overseas delegations Keeping the community informed
In January 2018, AusPayNet hosted a As the world of payments rapidly evolves,
session at the British Consulate-General AusPayNet has an important role to play
Sydney with The Rt Hon The Lord Mayor in sharing information which improves
of the City of London, Alderman Charles understanding of how payments support
Bowman, and his FinTech delegation. the economy. We do this through our
Delegates included the UK Prime Minister’s website, regular publications, events and
Business Envoy for Financial Services, forums, and media releases throughout
and UK technology companies focused on the year.
banking and payments, insurance, asset
AusPaynet’s regular publications, the
management and cyber security.
Digital Economy and Australian Payment
Card Fraud reports, track the changing
Bringing the e-commerce landscape and industry’s efforts in
community together ensuring convenient and secure payments.
Fraud prevention efforts involve strong Our newsletter – Payments Monitor –
collaboration and partnerships at every provides a quarterly round-up of payments
level. This year, we joined forces across developments, industry news, recent
the e-commerce community to ramp up events and regulatory updates. Through
the fight against online card fraud. Our our fortnightly blog, we provide insights on
February 2018 Accelerator event (see emerging topics that have international as
page 14) brought together 70 participants well as local relevance.
Sharing strategic information to
COLLABORATION
from card issuers, merchant acquirers,
retailers, card schemes, payment
fight fraud In July 2017, we launched our Twitter
account to coincide with the roll-out of our
gateways, payment service providers, Through our Fraud in Banking Forum, new website following last year’s rebrand.
regulators and industry bodies. As part financial institutions and law enforcement The number of ‘followers’ continues to
of our CNP Fraud Mitigation Framework share strategic information on emerging grow steadily, as we build connections
consultation, we hosted workshops threats and criminal methodologies. Close with the broader community. In addition to
in Brisbane, Sydney and Melbourne in cooperation between the two communities providing a platform for sharing content,
ABORATION
partnership with the Australian Retailers
Association. The workshops were attended
COLLABORATION
helps build an intelligence-led response to
gangs operating in Australia. We also work
Twitter is proving an important interaction
tool around industry events.
by 87 people from 54 organisations across closely with the Australian Financial Crime
the e-commerce community. Exchange (AFCX), established by AusPayNet Australian Payments Council
in 2016. The AFCX provides its participating
members with a secure environment for As secretariat to the Australian Payments
COLLABORATION Council we continue to support the Council
COLLABORATION
sharing data in real-time to fight financial
related crimes and cybercrime. and wider payments community in its work
LABORATION to ensure that as the payments system
evolves, it continues to meet the needs of
the evolving economy. This year the Council
made progress in key areas of cyber
security and digital identity.
N
PAGE 21AUSTRALIAN PAYMENTS NETWORK
BOARD OF DIRECTORS
Under the leadership of an independent chair, the Board has 13
members comprising independent directors, the CEO, and non-
executive directors appointed or elected by AusPayNet members.
The independent directors have substantial voting rights to ensure public interest and broader community benefits are
effectively represented.
There were a number of changes to the Board during the year, and up to September 2018. Rosanna Fornarino resigned from the
Board in October 2017 and was replaced by Paul Franklin. Olivia McArdle was elected to replace Simon Babbage in November 2017,
and Derek Weatherley replaced Craig Kennedy in April 2018. Long-serving director, Stuart Woodward, resigned in April 2018 after
serving 13 years, and was replaced by Lynda McMillan. Anne Collard also resigned in April 2018 and was replaced by Jackie Kallman.
The names of the directors in office as at 30 September 2018 follow.
Robert Craig, Chair Paul Franklin, Deputy Chair Leila Fourie, CEO
BSC (HONS), BCA, MAICD BSC, MCOM, EMBA, FFINSIA, GAICD PHD ECONOMICS AND FINANCIAL SCIENCE, GAICD
Chief Operating Officer, General Manager Payments, Chief Executive Officer,
Insurance and Care NSW National Australia Bank Limited Australian Payments Network
Mr Craig was appointed in January 2014 Mr Franklin was appointed as a non- Dr Fourie was appointed as Chief Executive
as an independent director and AusPayNet executive director by NAB in October 2017 Officer and a director of AusPayNet in
Chair. and was appointed by the Board as Deputy September 2016.
Chair in May 2018.
He also serves as Chairman and member She serves as: Member of the Audit, Risk
of the Remuneration Committee. He serves as: Chairman of the Australian and Finance Committee, the Remuneration
Paper Clearing System Management Committee and the Australian Payments
Committee and the Nomination Council.
Committee.
PAGE 22ANNUAL REVIEW 2018
Chris Campbell Jennifer Clark David Jay
BSC (HONS), BCA, MAICD FAICD BEC, MBA, FCPA, F FIN, FAMI, MIIA, GAICD
Head of Payments Policy and Strategy, Deputy Chair of the Australian Maritime Safety Chief Executive Officer,
Westpac Group Authority; Chair of Government audit and risk Australian Settlements Limited
committees
Mr Campbell was appointed as a non- Ms Clark was appointed as an independent Mr Jay was appointed as a non-
executive director by Westpac in April 2003. director in June 2014. executive director by Building Society
Members in August 2010.
He serves as: Chairman of the COIN She serves as: Chairman of the Policy
Management Committee, and member of Experts Group, and member of the Audit, He serves as: Member of the
the Audit, Risk and Finance Committee, the Risk and Finance Committee, and the Nomination Committee.
Remuneration Committee, and the Policy Remuneration Committee.
Experts Group.
Jackie Kallman Kees Kwakernaak Olivia McArdle
BPSYCHSC (HONS) MSC, MAICD BCOMM (ACCOUNTING & LAW), MBA, CA, MAICD
Head of Payments Industry, Australia and Managing Director, First Data Network Australia Head of Deposits and Payment Products,
New Zealand Banking Group Limited Macquarie Bank Limited
Ms Kallman was appointed as a as a non- Mr Kwakernaak was appointed as a Ms McArdle was appointed as a non-
executive director by ANZ in April 2018. non-executive director by Electing executive director by Electing Members in
Members in October 2016. November 2017.
She serves as: Chairman of the High Value
Clearing System Management Committee, He serves as: Chairman of the Australian She serves as: Member of the Audit,
and member of the Policy Experts Group. Cash Distribution and Exchange System Risk and Finance Committee and the
Management Committee, the Next Generation Remuneration Committee.
Banknotes Support Steering Committee, and
member of the Nomination Committee.
PAGE 23AUSTRALIAN PAYMENTS NETWORK
Lynda McMillan Michelle McPhee Kate Mulligan
MBUS, GAICD BBUS (HONS), GAICD BA, LLB(HONS), MAICD
Head of Payments Representation, Business Head of Banking, Reserve Bank of Australia Managing Director, King Irving
and Private Banking, Commonwealth Bank
of Australia
Ms McMillan was appointed as a non- Ms McPhee is was appointed as a non-executive Ms Mulligan was appointed as an
executive director by the CBA in April 2018. director by the RBA in February 2017. independent director in June 2014.
She serves as: Chairman of the Fraud in She serves as: Chairman of the Audit, Risk She serves as: Chairman of the Issuers
Banking Forum. and Finance Committee, and member and Acquirers Forum.
of the Nomination Committee and the
Remuneration Committee.
Derek Weatherley
BCOMM, MACC, GAICD
Chief Executive Officer, Indue Limited
Mr Weatherley was elected as a non-
executive director by Credit Union
Members in April 2018.
He serves as: Chairman of the Bulk
Electronic Clearing System Management
Committee.
PAGE 24ANNUAL REVIEW 2018
GOVERNANCE FRAMEWORK
The AusPayNet Board is responsible for setting the company’s
strategic direction and corporate governance.
Chair and CEO • Nomination Committee – supports the Reserve Bank of Australia
Board on matters relating to the eligibility,
The current Chair, Robert Craig, was appointment and election of directors. As a participant in payment systems, the
appointed in January 2014 and is an Reserve Bank of Australia (RBA) has been a
independent voting director. The CEO • Remuneration Committee – establishes member of AusPayNet since its inception
is charged with implementing Board remuneration policies and practices for in 1992. The RBA has appointed a director
endorsed strategy and managing the day the company generally and recommends to the AusPayNet Board, in accordance with
to day affairs of the company. The CEO is remuneration levels and contractual its rights under the AusPayNet Constitution.
a board-appointed, non-voting, executive arrangements for the CEO, independent Additionally, since May 2007, the RBA and
director. chair and independent directors. AusPayNet have been liaising on payments
policy issues under an agreed set of
Board Committees Board Charter, Code of Conduct procedures which have been set out in a
and Induction Memorandum of Understanding, which
The Board has established a management includes senior staff of the RBA consulting
committee for each AusPayNet framework The Board carries out its functions and with AusPayNet on a regular basis on
including its clearing systems, Issuers and exercises its powers in accordance with issues of common interest. This ensures
Acquirers Community, and infrastructure the Board charter, which sets out its continued close cooperation between the
system (COIN). Acting under delegated role and responsibilities. The charter is RBA and AusPayNet.
authority from the Board, management supplemented by various board policies
committees are responsible for the including a conflicts management
efficient operation and management
Risk management
policy, a competition protocol and a
of each framework. Specialized sub- Code of Conduct, which all directors and AusPayNet has put in place a risk
committees are also established under management committee members must management framework which the Board
certain frameworks to address technical comply with, and which is designed to oversees. Key risks and risk appetite are
and operational issues requiring subject ensure high standards of ethical and regularly reviewed, and the risk framework
matter expertise. professional conduct and compliance. is submitted to both internal and external
The Board reviews the charter and other review.
The Board has also established the
following committees to assist in policies regularly. An induction program for
managing the company’s affairs: newly appointed board members provides
an overview of AusPayNet’s governance
• Audit, Risk and Finance Committee – and policy framework and operations, as
reviews the company’s internal financial well as an understanding of their role and
practices, budget and audit results responsibilities
and monitors the effectiveness of
the company’s financial controls and
administrative policies.
PAGE 25AUSTRALIAN PAYMENTS NETWORK
LA
BO
LEADERSHIP TEAM RA
TI
Our Executive Committee is responsible for leading the ON
AusPayNet team in delivering on strategic objectives.
LEILA FOURIE
CEO
NANCY BRYLA LYNETTE HICKEY VICTORIA RICHARDSON ANDY WHITE
General Counsel Chief Financial Officer Chief Strategy Officer Chief Operating Officer
Corporate Governance Financial Accounting, Payments Innovation and Member Services and
Forecasting and Reporting Emerging Technology Engagement
Framework and Core
Systems Governance Cash Flow Management Industry Policy Compliance, including
and Strategy Standards
Legal Advice and Audit and Compliance
Guidance Communications and Project Management
Risk Management
Marketing
Regulatory Compliance Technology and Operations
Australian Payments
Council Secretariat
PAGE 26ANNUAL REVIEW 2018
CO
MEMBERSHIP
AusPayNet has 124 member organisations including participant
members, operator members, COIN members and affiliates.
AUSPAYNET MEMBERS Delphi Bank Payments Express COIN MEMBERS
Deutsche Bank AG PayPal Australia Pty Ltd *
Adyen Australia Pty Ltd # Diners Club * p&nbank Cabcharge Australia Limited
Agricultural Bank of China EFTEX Pty Ltd Police Bank Limited First Data Resources Australia
Limited eftpos Payments Australia Queensland Country Credit Union Limited
American Express Australia Limited * Limited * # QPCU Limited Fuji Xerox Australia Pty Limited
AMP Bank Limited Endeavour Mutual Bank Ltd Rabobank, Australia Branch (Co- Genpact Australia Limited
Arab Bank Australia Limited First Data Network Australia Operative Centrale Raiffeisen- Property Exchange Australia
Austraclear Limited * Limited Boerenleenbank B.A.) Limited
Australia and New Zealand G&C Mutual Bank Limited # Rabobank Australia Limited Transaction Network Services
Banking Group Limited # Gateway Credit Union Limited RACQ Bank Australia Pty Ltd
Australian Military Bank Ltd Greater Bank Limited Railways Credit Union Limited
Australian Settlements Limited Heritage Bank Limited trading as MOVE Bank # Also a COIN member
Auswide Bank Ltd Holiday Coast Credit Union Regional Australia Bank
B&E Ltd trading as Bank of Us Limited Reserve Bank of Australia # AFFILIATE MEMBERS (ISSUERS
Bananacoast Community Credit Hong Kong and Shanghai Banking Royal Bank of Canada & ACQUIRERS COMMUNITY)
Union Ltd Corporation Limited - Australian Southern Cross Credit Union Ltd
Bank Australia Limited Advam
Branch Standard Chartered Bank
Bank of America, National Cardtronics Australasia
HSBC Bank Australia Limited State Bank of India
Association Diebold Nixdorf
Hume Bank Limited State Street Bank and Trust
Bank of China Gemalto
IMB Ltd Company
Bank of China (Australia) Limited Giesecke & Devrient Australasia
Indue Ltd Sumitomo Mitsui Banking
Bank of Communications Co., Ltd IBM Australia Limited
Industrial and Commercial Bank Corporation
Sydney Branch Ingenico International (Pacific)
of China Limited Summerland Credit Union Ltd
Bank of Queensland Limited Pty Ltd
ING Bank (Australia) Limited Suncorp-Metway Limited #
Bank of Sydney Ltd NCR Australia Pty Ltd
ING Bank NV (Sydney Branch) SWIFT Services Australia Pty Ltd*
Bendigo and Adelaide Bank Optus
JPMorgan Chase Bank, National Taiwan Business Bank, Sydney
Limited Quest Payment Systems Pty Ltd
Association Branch
Beyond Bank Australia Thales
LCH Clearnet Limited Teachers Mutual Bank Limited
Big Sky Building Society Limited Threatmetrix
Macquarie Bank Limited The Rock
BNP Paribas UL Transaction Security
Maitland Mutual Building Society Tyro Payments Limited #
BNP Paribas Securities Services Verifone
Limited UBS AG, Australia Branch
BPAY Group Limited * # Mastercard Asia / Pacific United Overseas Bank Limited
Capricornian Ltd (Australia) Pty Ltd * Uniting Financial Services
China Construction Bank Members as at 30 September 2018
Mega International Commercial Unity Bank Limited
Corporation, Sydney Branch Bank Co, Ltd Victoria Teachers Limited, trading
Citibank N.A. Members Equity Bank Pty Limited as Bank First
Citigroup Pty Limited Mizuho Bank, Ltd Visa AP (Australia) Pty Ltd *
CLS Bank International MUFG Bank, Ltd Volt Bank Ltd
Coles Group Limited # National Australia Bank Limited # Warwick Credit Union Ltd
Commonwealth Bank of Australia # Newcastle Permanent Building Westpac Banking Corporation #
Community First Credit Union Society Ltd Woolworths Limited #
Limited New Payments Platform Australia *
Credit Union Australia Limited Oversea-Chinese Banking * Operator Member
Cuscal Limited # Corporation Limited
Defence Bank Limited PAGE 27AUSTRALIAN PAYMENTS NETWORK GLOSSARY ACDES Australian Cash Distribution and Exchange System AI Artificial Intelligence APC Australian Payments Council APCS Australian Paper Clearing System APRA Australian Prudential Regulation Authority BECS Bulk Electronic Clearing System Blockchain A distributed ledger CNP Card-not-present COIN Community of Interest Network CSIRO Commonwealth Scientific and Industrial Research Organisation Digital ID Digital Identity Direct Entry Payments system for direct debits and direct credits EMV Europay, MasterCard, and Visa Fintech Collaboration between financial services companies and technology innovators HVCS High Value Clearing System IAC Issuers and Acquirers Community ISO International Organization for Standardization KYC Know Your Customer NIST National Institute of Standards and Technology NPP New Payments Platform OPAL NSW public transport ticketing system PCI Payment Card Industry PCI SSC PCI Security Standards Council POS Point-of-sale QR Codes Quick Response Codes RBA Reserve Bank of Australia SWIFT Society for Worldwide Interbank Financial Telecommunications PAGE 28
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