Payments System Board Annual Report 2024

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Contents

• Governor’s Foreword
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• About the Payments System Board
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  The Payments System Board has responsibility for the RBA’s payments system policy, including policy on clearing and settlement facilities. In 2023/24, the Board comprised eight members and met at the RBA Head Office through the year. During the year, it set five strategic priorities to guide the RBA’s payments policy work, strengthened its code of conduct and its conflict of interest policy, and ensured a high degree of transparency and accountability around its actions through reporting and the RBA’s communication program.

• Payments System Regulation and Policy Issues
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  The RBA undertakes regulatory and policy work on retail payment systems. Over the past year, the RBA focused on implementing policy actions aimed at enhancing competition and efficiency in the debit card market. The RBA also assisted Treasury and other regulatory bodies on reforms to the regulatory framework for payments. With the ongoing shift from cash to electronic payments, the RBA continued to examine issues on access to cash, and those related to the cost, reliability and security of electronic payment services. The RBA also continued to monitor the rapid pace of innovation in the payments system and changes in market structure. The RBA considered a number of policy and regulatory issues associated with innovations in the payments system, with a key focus area being research on central bank digital currencies.

• Developments in the Clearing and Settlement Industry
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  The RBA supervises and oversees licensed clearing and settlement facilities to ensure they conduct their affairs in a way that is consistent with financial system stability. Over the past year, the RBA updated the Financial Stability Standards applying to securities settlement facilities, and completed and published assessments of certain facilities. The RBA also worked with CFR agencies to reassess the costs and benefits of central clearing of bonds and repos, and supported regulatory reforms for financial market infrastructures.

• Abbreviations
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ISSN 1442-939X (Print)
ISSN 1448-532X (Online)