Central Banking

Australia set to formalise payment system mishap reporting


The Reserve Bank of Australia today (February 20) announced it is preparing to formalise its requirements for the reporting of major retail payments system incidents.

Authorised deposit-taking institutions (ADIs) that provide retail payments services and operate exchange settlement accounts with the central bank, will be required to report significant incidents in their retail payments operations to the central bank according to specified criteria. The details will be released "in due course",

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