December 2024
George Lekakis reports the planned reconfiguration of Australia’s core retail payments architecture is potentially facing a protracted delay as banks and other payments industry participants confront the practical challenges of retiring the Bulk Electronic Clearing System (BECS).
Industry experts are concerned that such a delay could fuel cost blowouts in the payments sector and undermine the growth trajectory of specialist payments businesses such as Cuscal Limited and Zepto.
The Reserve Bank of Australia has begun dropping hints that Australian Payments Network (AusPayNet)’s 2030 target date for binning BECS might not be realised.
Consultant Mark Townley believes there is a risk that the costs of managing payments across the sector could blow out the longer it takes to retire BECS.
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