Public consultation opens on Australia's A2A payments vision

The Account-to-Account Payments Roundtable has released a public consultation on its draft vision for the future of A2A payments in Australia.

This report represents a crucial step in a multi-stage process aimed at establishing a unified strategic direction for these vital payment systems.

The primary goal is to offer clarity to all stakeholders regarding the long-term trajectory of A2A payments, thereby guiding the industry in its development of new products, services, and foundational infrastructure.

The draft vision outlines specific long-term objectives for Australia's A2A payments system, ensuring it remains secure, dependable, cost-effective, user-friendly, and accessible to all users, including consumers, businesses, and government entities.

It also specifies the inherent qualities the system must possess to consistently achieve these desired outcomes, adapting to technological advancements and evolving societal needs.

The Roundtable is actively seeking public input to refine this vision, ensuring the A2A system continues to serve as a trusted national asset.

The A2A Payments Roundtable, a collaboration between Australian Payments Network (AusPayNet), Australian Payments Plus (AP+), the Reserve Bank of Australia (RBA), and Commonwealth Treasury, has developed this draft vision.

This initiative follows extensive stakeholder engagement and a previous consultation by AusPayNet and AP+.

A2A payments are fundamental to Australia's economy, enabling millions of daily transactions including wages, superannuation, welfare, and bill payments.

The environment for these payments is rapidly evolving due to technological advances and changing user preferences.

The consultation seeks input on how the system should develop to remain a trusted national asset meeting these evolving needs.