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RESERVE BANK CONSULTATION ON ATM AND EFTPOS PAYMENTS SYSTEMS
Sydney, June 11, 2004: The Australian Bankers’ Association (ABA) said the Reserve Bank’s decision to consult over the possible ‘designation’ of ATMs and EFTPOS is another opportunity for stakeholders to put forward their views on how payments systems reform is to be progressed.
This step was foreshadowed last week by the Reserve Bank Governor in his testimony to the House of Representatives Standing Committee on Economics, Finance and Public Administration.
David Bell, Chief Executive of the ABA, said: “We are not surprised the Reserve Bank has decided to proceed with this step, given what has occurred with EFTPOS reform. Large retailers, major beneficiaries of credit card reform, successfully stymied the Australian Competition and Consumer Commission’s (ACCC) decision to allow EFTPOS interchange fees to fall to zero.”
“Business certainty is critical given the time and energy that has gone into payment systems reform by industry participants. The industry has used self-regulatory processes for more than two years to develop models for implementing EFTPOS and ATM reform.”
“We hope that RBA takes into account the work of the industry that has developed models that would achieve the objectives of the Joint Study1,” Mr Bell said.
For further information:
Heather Wellard
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
1 ‘Debit and Credit Card Schemes in Australia – A Study of Interchange Fees and Access’, October 2000, Reserve Bank of Australia and Australian Competition and Consumer Commission. This study is known as the ‘Joint Study’. |