Credit card surcharging RBA, Treasury, ACCC Legislation to amend the Competition and Consumer Act 2010 to establish a framework Large merchants — changes to ban surcharges imposed in respect of particular payment methods that exceed implemented the cost of acceptance for those payment methods; and provide the ACCC with September 2016. additional powers. Other merchants — In parallel, the RBA has determined a new standard relating to merchant pricing that September 2017. defines the of acceptance’ for card payments. ‘cost RBA ; RBA — New Payments Platform Industry initiative The is a major industry initiative to develop new national infrastructure for fast, flexible, The NPP is on track to being data rich payments in Australia. operational in the second half of 2017. However, the implementation of new functionality will be gradual. Fintel Alliance AUSTRAC A worldfirst privatepublic partnership, established by AUSTRAC, to tackle serious Commenced operation in financial crime including money laundering and terrorism financing. November 2016. The Fintel Alliance combines expertise and skills from law enforcement, national Official government launch security, regulatory, academic and private sector partners. 3 March 2017.
Credit card surcharging changes RBA, Treasury, ACCC Legislation to amend the Competition and Consumer Act 2010 to establish a framework to ban surcharges imposed in respect of particular payment methods that exceed the cost of acceptance for those payment methods; and provide the ACCC with additional powers. In parallel, the RBA has determined a new standard relating to merchant pricing that defines the ‘cost of acceptance’ for card payments. RBA ; RBA — Large merchants — implemented September 2016. Other merchants — September 2017. New Payments Platform Industry initiative The is a major industry initiative to develop new national infrastructure for fast, flexible, data rich payments in Australia. The NPP is on track to being operational in the second half of 2017. However, the implementation of new functionality will be gradual. Fintel Alliance AUSTRAC A worldfirst privatepublic partnership, established by AUSTRAC, to tackle serious financial crime including money laundering and terrorism financing. The Fintel Alliance combines expertise and skills from law enforcement, national security, regulatory, academic and private sector partners. Commenced operation in November 2016. Official government launch 3 March 2017.
BE_IR.docx