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RBA warns of an increase in electronic payment systems outages


RBA warns of an increase in electronic payment systems outages
RBA governor Dr Philip Lowe. Source: AAP.
The Reserve Bank of Australia (RBA) is calling for better oversight of the digital payment system to minimise the risk of disruptions, following a rise in retail outages as electronic payments become more widespread.
In its submission to Treasury’s review of the Australian payments system, the RBA said there have been significant changes to the way Australians pay for goods and services since the current architecture was put in place more than two decades ago.
Among the RBA’s key concerns is the increasing number of outages in retail payments that are reported by banks and financial institutions. ....

Scott Farrell , Chris Lamont , Philip Lowe , King Wood Mallesons , Reserve Bank , Wood Mallesons , ஸ்காட் ஃப்யாரெல் , கிறிஸ் லாமண்ட் , பிலிப் குறைந்த , கிங் மரம் மல்லேசோன்ஸ் , இருப்பு வங்கி , மரம் மல்லேசோன்ஸ் ,

Afterpay calls for payment regulation shake-up


Afterpay calls for payment regulation shake-up
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Afterpay chief executive Anthony Eisen is pushing for the Reserve Bank to be stripped of its powers to unilaterally regulate payment firms such as buy now, pay later (BNPL) entrants, saying the system could present risks for fintech challengers.
As investors weigh the potential danger to Afterpay’s business from regulation, Mr Eisen has backed an overhaul that would result in the RBA losing its ability to impose surcharging rules on the BNPL sector.
Afterpay CEO Anthony Eisen ....

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Inquiry outlines 100 ways to improve CDR


Mortgage Business
Inquiry outlines 100 ways to improve CDR
By Sarah Buckley
19 January 2021
Third parties should be given “action initiation”, the final report into the Inquiry into Future Directions for the Consumer Data Right has recommended.
Last year, Treasurer Josh Frydenberg called for an inquiry into how the functionality of the Consumer Data Right (CDR) could be expanded. Namely, the inquiry sought to understand how the CDR could be used to “overcome barriers to consumers conveniently and efficiently switching between products and providers”, and to consider ways to promote inclusivity among vulnerable consumers. 
The inquiry, spearheaded by KWM partner Scott Farrell, reportedly considered formal submissions from 73 parties last year and has now released a swathe of recommendation in its ful ....

Sarah Buckley , Scott Farrell , Josh Frydenberg , Jane Hume , Office Of The Australian Information Commission , Financial Services , Treasurer Josh Frydenberg , Consumer Data Right , Australian Information Commission , Digital Economy Jane Hume , சாரா பக்லி , ஸ்காட் ஃப்யாரெல் , ஜேன் ஹியூம் , அலுவலகம் ஆஃப் தி ஆஸ்திரேலிய தகவல் தரகு , நிதி சேவைகள் , நுகர்வோர் தகவல்கள் சரி , ஆஸ்திரேலிய தகவல் தரகு , டிஜிட்டல் பொருளாதாரம் ஜேன் ஹியூம் ,