RBA highlights persistent risks in bulk electronic clearing system transition
The Reserve Bank of Australia updated its risk assessment on the proposed decommissioning of the Bulk Electronic Clearing System (BECS). While welcoming industry efforts, the RBA noted persistent risks due to insufficient consensus on the future of account-to-account payments.
Industry efforts ease immediate transition risks
The Reserve Bank of Australia has acknowledged significant industry efforts over the past year in addressing the recommendations from its initial risk assessment concerning the proposed decommissioning of the Bulk Electronic Clearing System (BECS).
These efforts have notably improved industry coordination and fostered direct engagement with end-users, which the RBA welcomes.
A pivotal development occurred in December 2025 when AusPayNet announced the removal of the June 2030 target end-date for BECS.
This decision was made contingent on the development of a clear and comprehensive roadmap for the future of account-to-account (A2A) payments in Australia.
Consequently, the immediate and nearer-term risks associated with a potentially disorderly transition away from BECS have largely subsided, providing a more stable environment for future planning.
Consensus gap impedes modernization
Despite the progress, the RBA's updated assessment indicates that several risks persist and new ones have emerged.
A primary concern is the insufficient industry consensus on the account-to-account (A2A) payments modernization agenda, particularly regarding future bulk payment processing.
This lack of agreement hinders effective decision-making and analysis, risking the loss of momentum for A2A payments modernization.
The RBA emphasized that if coordinated progress is not made, it would take further action to ensure public interest outcomes.