Payments board pressures ASX on governance and warns on A2A delays
The Reserve Bank of Australia Payments System Board endorsed its annual ASX clearing assessment while warning of ongoing governance challenges. Meeting on August 27, 2026, the Board also addressed account-to-account payment roadmaps, RITS tokenisation and new cash distribution laws.
From CHESS delivery to clearing oversight
The Payments System Board endorsed the annual assessment of ASX clearing and settlement facilities against Financial Stability Standards.
While members noted initiatives to strengthen critical infrastructure—including CHESS resilience and delivery of CHESS Replacement Release 1—they stressed that governance, culture and risk management require sustained focus under the ASX Transformation Portfolio.
On account-to-account (A2A) infrastructure, the Board reviewed progress on the A2A Payments Roadmap following the publication of the industry Vision.
Members warned that if the industry fails to reach consensus on resolving Bulk Electronic Clearing System transition, contingency arrangements and account reach gaps, the central bank is encouraged to pursue regulatory intervention.
Wholesale tokenisation meets cash access backstops
The Board also endorsed a consultation on using the Reserve Bank Information and Transfer System (RITS) to settle tokenised wholesale assets and tokenised money, building on commitments in the Project Acacia Final Report.
In parallel, the Cash Distribution Framework Act 2026 took effect on August 27, 2026.
The new statutory framework supports market-led solutions to sustain physical cash access across regional and remote communities, while granting authorities backstop intervention powers if systemic distribution risks threaten cash availability.
Patience wears thin across market utilities
Regulatory patience with protracted market-led reforms is visibly wearing thin.
Openly threatening intervention on A2A roadmaps marks a necessary shift toward firmer central bank enforcement.
Tokenised settlement plans matter little if core clearing and cash networks require constant supervisory life support.