AusPayNet has abandoned its June 30, 2030 target to retire the Bulk Electronic Clearance System, conceding the deadline is no longer achievable after industry consultation showed the "vast majority" of members viewed it as untenable.
Speaking at the AusPayNet Summit in Sydney on Dec. 16, chair John Brogden said the date would be removed until further progress is made and a clear roadmap is developed for the future of account-to-account payments, with AusPayNet and Australian Payments Plus working with the Reserve Bank and Treasury under an ACCC authorisation to define a shared vision, priorities and milestones, expected in 2026.
The decision provides clarity for a payments system still heavily reliant on BECS for low-cost transactions such as direct debits, salaries and peer-to-peer transfers, despite the Reserve Bank warning last year that migration to the New Payments Platform has become a "foundational issue"; Zepto data shows about 90% of retail account-to-account payments were still processed via BECS as of July.