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2 Meeting the challenge ANNUAL REVIEW
4 6 8 10
About Us Chair and Highlights Consumer
CEO Message Payment Trends
Australian Payments Network Limited
ABN 12 055 136 519
Level 23, Tower 3 International Towers Sydney
300 Barangaroo Avenue Sydney NSW 2000
CONTENTS 12 14 20 26 30
Our Year Managing Governance Policy and Board of
Telephone +61 2 9216 4888
in Review the Payment Advocacy Directors
Email info@auspaynet.com.au
www.auspaynet.com.au Streams
32 33 34 35
This Annual Review is designed to provide our members
and stakeholders with an overview of developments
and achievements in financial year 2019-2020.
References in this report to a year are to financial
year ended 30 June 2020 unless otherwise
stated. We hope you enjoy discovering more
about your association.
Governance Our Team Membership Glossary
Framework
Australian Payments Network
is the industry association and
self-regulatory body for payments.
Through our network, we bring together a diverse range of organisations including financial
institutions, major retailers, payment system operators and technology providers.
Our members provide the products and services that enable individuals and
public and private organisations to make and receive payments every day.
Delivering on our purpose to promote confidence in payments, we work with
a wide range of stakeholders to ensure the payments system continues
to meet the evolving needs of organisations and individuals.
As the self-regulatory body for payments our remit covers the following payment types.
$ $$ $ $$ $ $$ $ $$ $ $
$
Cards Direct entry High value Cash Cheques
Issuers and Bulk Electronic High Value Australian Cash Australian
Acquirers Clearing System Clearing System Distribution and Paper Clearing
Community Exchange System System
Additionally, AusPayNet’s COIN infrastructure network provides connectivity
for low value payments.
4 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 5
Meeting the In its latest update the RBA’s Payments System Board noted More broadly, in coordination with the Australian Payments Council, which has a wider
focus on cross-industry systemic resilience, AusPayNet is working to enhance the
that “payment system operators and retail payment service payments system’s resilience and its crisis-management arrangements.
providers have continued to cope well with the operational
Challenge challenges posed by the [COVID-19] pandemic”. Governance
Our governance work over the coming year will be focused on two areas that will shape
The Reserve Bank of Australia (RBA) Governor has also observed that the payments the future of the payments system.
system’s resilience has played an important role in the continued functioning of the Firstly, we will use the outcomes from our current consultation on the TrustID Framework
economy and commented on the dynamism that can be observed in payments currently. to deliver a set of rules that underpin the governance of TrustID. Secondly, as the
For AusPayNet, that dynamism was exemplified in the industry rallying to amend the technology and business models for payments acceptance change, both at point-of-
contactless PIN limit from $100 to $200 at the beginning of the pandemic, to limit sale and online, we will develop a strategy to ensure positive customer and merchant
shoppers’ physical contact with terminals. outcomes around the acceptance – and indeed initiation – of payments. This strategy
will balance innovation – in terms of technology and business model – and security,
Our industry’s dynamism was also evident in the way payments stakeholders came which remains paramount.
together to create our Card-not-Present (CNP) Fraud Mitigation Framework. Its impact is
evident in our recent fraud statistics, published in August this year: in 2019, card fraud In the coming year, AusPayNet will be conducting a review to ensure that our Constitution
fell by 19.5% to $464 million, the biggest decline ever. Moreover, CNP fraud dropped by and governance framework remain fit-for-purpose in a time of accelerated change and
18% to $403 million. as our membership continues to grow and broaden in scope.
We know from experience though that as one area of payments fraud becomes harder,
criminal groups turn their attention to other areas, as is now evident in the rise in scams.
Policy & Advocacy
Building on significant effort already underway, we are focused on improving protection AusPayNet will continue to work with the RBA as it progresses the review of retail
of vulnerable customers. payments regulation. As always, our intention is to ensure the appropriate balance
between regulation and self-regulation is struck to achieve competition, choice
This work on mitigating scams is at the heart of AusPayNet’s purpose: confidence in
and positive end-user outcomes. This will also be true as we consider the Federal
payments. Our three core functions support that purpose: managing the payment
Government’s recently announced review of the regulatory architecture applying to the
streams, governance, and an increasing focus on policy and advocacy.
payments system. We will also work closely with ASIC on its review of the ePayments Code
with a view to ensuring that our Members have clarity on their obligations and are able to
Managing the Payments Streams protect their customers effectively.
A very clear message from last year’s consultation on the Future State of Australia’s In this, the most extraordinary of years, we acknowledge our fellow directors, Members,
Payment Systems was the need for modernisation of those payment systems. To that the RBA and other regulators, and all of our stakeholders. We also thank AusPayNet’s
end, we will support the community through the customer-led decline of cheques. staff for their dedication and skill at a time of peak workload for the industry. Their
Rob Craig We will also begin preparatory work for the longer-term transition away from the direct commitment and engagement – whether virtual or physical – is vital not only for
entry system, BECS. While BECS remains the workhorse of the payments system, this AusPayNet, but the payments system and wider economy.
is important strategically. The risk otherwise is that legacy infrastructure eventually
becomes a cost, not just to financial institutions but to their customers and the wider
economy. The 2021 FY will see consultations with BECS Members and direct entry Rob Craig, Chair Andy White, CEO
end-users, to begin managing that transition.
In parallel with efforts to address the BECS and cheque systems, AusPayNet will continue
to manage migration of the High-Value Clearing System (HVCS) to the ISO 20022 message
standard. This is an important strategic opportunity to harmonise messaging with
the NPP and so enable the potential for payment flow to be determined by business
needs rather than by the messaging infrastructure itself. By increasing overarching
redundancy between the high-value and NPP systems, we also improve overall systemic
resilience.
At the international level, migrating the HVCS to ISO 20022 brings it into line with the
messaging framework used for cross-border payments. Not only does this enable more
efficient, lower-risk payments to and from international counterparties, but it allows us
Andy White to utilise richer, more structured data for improved screening around fraud, scams, KYC,
AML and sanctions.
6 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 7
HIGHLIGHTS Industry responded quickly to
COVID-19 including temporarily
increasing the contactless PIN
Under AusPayNet’s approval process,
we assessed 76 new card-accepting
terminals and solutions and conducted
limit to help reduce physical 113 device renewals to ensure the
contact with terminals. security of card payments.
The CNP Fraud Mitigation Three work streams are supporting
Framework, launched on implementation of the TrustID
1 July 2019, is having an early framework: a governance structure
impact on reducing online for the framework, accreditation,
card fraud. The e-commerce and a trust mark.
community remains vigilant as
volumes increase during COVID-19.
We made submissions to regulators and
Government including on the Review of
The industry consultation on Retail Payments Regulation, the Future
the future of payment systems Directions for the Consumer Data Right
informed development of an and Financial Technology and Regulatory
Action Plan with a focus on Technology and participated in the
modernisation and ensuring Senate Committee’s Public Hearing.
system efficiency.
Building on the success of previous
As the appointed central years, our December 2019 Payments
co-ordination body, we are leading Summit was the biggest ever, bringing
the significant industry project together a record number of participants
to migrate the HVCS to ISO20022 to explore emerging topics.
messaging.
8 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 9
NUMBER OF DIRECT ENTRY PAYMENTS VALUE OF DIRECT ENTRY PAYMENTS
$ $$ (Billions)
NUMBER OF DIRECT ENTRY PAYMENTS (BILLIONS) ($ Trillions)
VALUE OF DIRECT ENTRY PAYMENTS ($ TRILLIONS)
Direct Entry
The accelerated The number and value of direct debits
Direct Debits Direct Credits Direct Debits Direct Credits
grew by 6.5% and 33.5% respectively
shift to digital payments
2020 2019 2018 2017 2016
2020 2019 2018 2017 2016
1.0
5.9
8.7
2.4
following a significant drop in all direct
entry payments in FY 2019*. While the value
is clearly reflected
1.1
6.1
2.6
9.2
of direct credits increased by 11.0% this
year, the number dropped by 1.3%. The
5.5
9.1
1.2
2.7
in Australia’s RBA’s March 2020 Bulletin explains that
this decline is likely the result of financial
0.8
2.3
7.2
2.5
payments mix. institutions migrating some direct entry
payments to the NPP and this is expected to
8.0
0.9
2.2
3.4
continue. Nonetheless, the system remains 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5 10 15 20
the workhorse of the payments system,
* A break in the data series occurred in 2019 due to
carrying nearly $11.4 trillion this year.
change in the RBA’s method of statistical collection.
Source: Reserve Bank of Australia
NUMBER OF CARD PAYMENTS VALUE OF CARD PAYMENTS NUMBER OF CASH WITHDRAWALS VALUE OF CASH WITHDRAWALS
Cards $ $$ NUMBER(Billions)
OF CARD PAYMENTS (Billions) VALUE($ Billions)
OF CARD PAYMENTS (Billions)
Cash (Millions) $$
NUMBER OF CASH WITHDRAWALS (MILLIONS)
$ VALUE OF CASH WITHDRAWALS ($ BILLIONS)
($ Billions)
Nearly two-thirds of all consumer payments Debit Cards Credit Cards
The accelerated shift to digital payments
Debit Cards Credit Cards
are now made with cards*. Customers made during COVID-19 can be seen in the sharp
2020 2019 2018 2017 2016
2020 2019 2018 2017 2016
138.7
more than 10.6 billion card transactions this decline in ATM withdrawals. Following the 675.8
2020 2019 2018 2017 2016
2020 2019 2018 2017 2016
256.4
307.9
4.6
2.4
year – up 7.6% on FY 2019. The strong growth 4.0% drop in FY 2019, ATM withdrawals fell
625.4 133.1
of debit card payments has continued during by 18.6% this year, down to 469.9 million.
277.2
319.7
5.2
2.6
COVID-19. Debit card use increased by 10.5% The value of ATM withdrawals also dropped 132.7
600.2
to 7.7 billion transactions whereas credit by double digits (11.1%) for the first time,
305.1
329.7
6.0
2.8
card use largely remained steady, increasing down to $114.9 billion. It is predicted that 577.3 130.0
those who are using less cash are likely to
333.4
336.2
by 0.5%. By value, debit card transactions
6.9
2.9
grew by 9.2% to $364.2 billion outstripping continue choosing digital payments after 469.9 114.9
364.2
324.3
credit card value, which dropped by 3.5% to the pandemic is over.
7.7
2.9
0 100 200 300 400 500 600 700 0 30 60 90 120 150
$324.3 billion, for the first time ever. 0 100 200 300 400 500 600 700
$ $$
0 2 4 6 8 10 12
Source: Reserve Bank of Australia
Source: Reserve Bank of Australia
* RBA 2019 Consumer Payment Survey
ATMS and POS devices
NUMBER OF POINT-OF-SALE DEVICES
NUMBER OF POINT-OF-SALE DEVICES
NUMBER OF ATMS
NUMBER OF ATMS
NUMBER
NUMBER OFPAYMENTS
OF CHEQUE CHEQUE PAYMENTS
(MILLIONS) $ $$ VALUE
VALUE OFPAYMENTS
OF CHEQUE CHEQUE PAYMENTS
($ TRILLIONS)
Cheques (Millions) ($ Trillions)
The strong consumer preference for Cheque use has been declining for more
card-based payments is enabled by a high than a decade, and by around 20% annually
2020 2019 2018 2017 2016
2020 2019 2018 2017 2016
2020 2019 2018 2017 2016
2020 2019 2018 2017 2016
number of POS devices - among the highest 934,001 32,156
over the last four years. Continuing the
126.4 1.20
penetration per capita globally. This year, trend, this year cheque use dropped by
32,095 99.9 1.15
the number of POS devices fell by 8.7% due 931,771
21% to 47.6 million – almost a third of the
to rationalisation of inactive terminals and, number used in FY 2015. Having dropped a 80.4 1.00
961,247 30,940
to a lesser degree, closure of businesses staggering 35.0% in FY 2019, cheque values
due to COVID-19. Having progressively 28,797 dropped by another 28.6% this year to 60.2 0.65
981,244
declined over the last four years in line $467 billion. This ongoing decline reflects
with declining cash use, the number of 895,957 25,719 the many alternative digital options now 47.6 0.47
ATMs dropped a further 10.7%, primarily available for large value payments 0 30 60 90 120 150 0.0 0.2 0.4 0.6 0.8 1.0 1.2
0 200000 400000 600000 800000 1000000 0 5000 10000 15000 20000 25000 30000 35000
due to removal from locations impacted by e.g. PEXA for property settlement.
COVID-19. Source: AusPayNet Source: Reserve Bank of Australia
10 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 11
OUR YEAR IN REVIEW Managing the
1
Governance
2 3
Policy and
payment streams Through self-governance, we are able
Advocacy
to balance innovation and security
The customer preference for faster, to promote competition and deliver Interacting with our stakeholders is
data rich payments with 24/7 efficient outcomes. the essence of everything we do and
availability is driving modernisation vital for supporting our policy and
and efficiency gains. advocacy initiatives.
RESPONDING TO OUR ENVIRONMENT (COVID-19) PREVENTING PAYMENTS FRAUD SHAPING FOUR KEY POLICY AREAS
• Acceleration of trends and changes to consumer behaviour • Implementation of the CNP Mitigation Framework • Self-Regulation (RBA’s Review of Retail Payments Regulation)
• Temporary increase in contactless limit • Significant drop in annual card fraud including CNP fraud • Consumer Protections (ASIC’s e-Payments Code)
• Clarification around chargebacks • Expanded focus on scams and identity fraud • Innovation (Senate Select Committee on FinTech and
• Assisting members through process adjustments RegTech and CDR)
TRUST ONLINE • Efficiency (Government’s Deregulation Taskforce)
MIGRATION TO ISO 20022 MESSAGING • Progressing work on the TrustID framework
• Central coordination authority for migrating HVCS messaging • Consultation on governance arrangements MEMBER ENGAGEMENT
• Governance structure established • Development of robust accreditation processes • Over 300 relationship meetings with members
• First of four phases - planning and design phase - currently and trust mark • Briefing sessions with the fintech community
underway • Welcomed eight new members taking our membership to 137
EMERGING TECHNOLOGY
FUTURE STATE OF PAYMENTS • Authentication principles, AI and QR codes workshops REGULATORS AND GOVERNMENT
• Consultation on the future state of payments • Collaboration with Standards Australia on AI • Ongoing relationship with RBA and formal liaison with
• Focus on modernisation and operational efficiency Policy department
• Managing the consumer-led decline of cheques ACCESSIBILITY AND INCLUSIVITY • Liaise with Treasury, the DTA and the Productivity
• Action Plan published in August 2020 Commission
• Close engagement with disability community
• Guidelines for Accessibility in PIN Entry on Touchscreen
SECURE INNOVATION Terminals WORKING WITH LAW ENFORCEMENT
• 76 new terminals and solutions assessed • Fraud in Banking Forum
• New Mobile-POS ‘tap to phone’ solution approved SHAPING GLOBAL AND LOCAL STANDARDS • Financial Coalition Against Child Exploitation Australia
• PCI’s Contactless Payments on COTS standard adopted Working Group
• Development of global and Australian standards
• Hosted two ISO Working Groups
PAYMENTS SYSTEM OPERATIONAL RESILIENCE • PCI SSC Asia-Pacific Community Meeting in Melbourne REGULAR EVENTS AND PAYMENTS SUMMIT
• Working with RBA and APRA on retail payment incidents • Events program included sessions on COVID-19 and payments,
reporting ONGOING EFFECTIVE SELF-GOVERNANCE scams and cybersecurity
• Supporting APC in work on improving cross-sector system • Our December 2019 summit was the largest ever
• Ensuring self-governance approach remains fit for
resilience
purpose
• Review of the technology underpinning the COIN
• Review of AusPayNet’s constitution INFORMING STAKEHOLDERS
• Speaking engagements at industry forums
• Blogs, website and social media engagement
12 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 13
Responding to
our environment
COVID-19 has seen a significant acceleration Assisting our members
of trends and changes to consumer
behaviour. These have included a decline in As the industry association, we have adjusted
cash use and increase in card payments at processes to enable members to better focus
point-of-sale. In response to this, through on their COVID-19 related priorities. These
the course of the year we focussed on three included making changes to time-related
rules to allow for increased volumes, and
Managing the
key areas.
freezing some non-time related reporting
Point-of-sale convenience requirements.
In response to concerns expressed about
Payment Streams COVID transmission through physical contact,
the industry increased the PIN limit on
contactless transactions from $100 to $200.
The progressive roll-out on certain cards and
COVID-19 has accelerated pre-existing trends
including the decline in cash use and strong
growth in debit card payments at POS.
at certain retailers commenced in early April NUMBER OF MONTHLY ATM WITHDRAWALS
2020, initially for a three-month period. The Number of monthly ATM withdrawals
industry has extended the temporary $200 50
limit until 17 December 2020 in line with the 45
Government’s COVID-19 Biosecurity Emergence 40
Declaration and continues to review and make
The customer preference for faster, data rich
35
decisions based on Government advice. 30
25
payments with 24/7 availability is driving Balancing merchant and
cardholder needs
20
15
modernisation and efficiency gains. An early payments-related concern
arising from COVID-19 was that the scale
10
5
0
of chargebacks by cardholders could result
0
0
20
0
20
20
02
02
02
20
20
20
-2
-2
in liquidity pressures on merchants. Card
r-2
b-
n-
n-
ay
ar
Ap
Fe
Ju
Ja
M
M
schemes, issuers and acquirers responded Source: Reserve Bank of Australia
to this potential challenge to ensure that
consumers and merchants are not adversely
NUMBER OF MONTHLY DEBIT CARD TRANSACTIONS
affected in these unique circumstances. Number of monthly debit card transactions
This involved using standard chargeback
700
processes in a way that does not exacerbate
pressure on merchants, while balancing the 600
needs of cardholders. Our blog in April 2020 500
outlined the guidance for COVID-19 related 400
chargebacks and highlighted the consumer
300
protections provide by the Australian
Consumer Law. 200
100
0
0
0
0
0
20
20
02
02
02
02
20
20
-2
-2
-2
r-2
n-
n-
ay
ar
b
Ap
Fe
Ju
Ja
M
M
Source: Reserve Bank of Australia
14 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 15
Payments Shift to Digital Payments
modernisation Customers are well-served by payment options
and the range of choice continues to grow.
MIGRATION TO ISO 20022 Consistent with the governance structure
outlined in the Conclusions Paper, we have
MESSAGING established the steering committee, mobilised
In February 2020, the RBA and APC published the program management office, and formed
the ISO 20022 Migration for the Australian the first two working groups. Work is currently 83 % of
Over 1 in 10 people
Payments System - Conclusions Paper, setting underway to develop message specifications use mobile wallets4
point-of-sale card
that are harmonised with existing SWIFT usage transactions are
out the strategic direction for migrating High
guidelines and the NPP. This first Planning and contactless6
Value Clearing System (HVCS) messaging to ISO
20022 standards. We welcomed AusPayNet’s Design phase is due to end in March 2021. It
will be followed by a one-year build phase and Online shopping
appointment as the central co-ordination 5.4 million PayIDs and in-app purchases
authority for this significant industry-led six months of industry testing, before the HVCS
registered to enable up 16% to
project, which will span the next four years. starts processing new ISO 20022 messages
receipt of instant 337 million Osko $220 billion5
alongside the current MT messages for a two- payments7 P2P payments
year coexistence period in November 2022. We this year2
225,000 digital
look forward to leading industry through these property transactions
phases to achieve full migration to ISO 20022 in December 2019
by November 2024. alone1
59% of people
are aware of
BNPL services –
Coexistence over 10% have
Planning and MT and ISO ISO 20022 used them3
Build Industry Test
Design 20022 messages
messages
March 2021 March 2022 Nov 2022 Nov 2024
CONSULTATION AND ACTION PLAN The Action Plan outlines the industry’s
response to the evolution of payments. As
The customer preference for faster, data the uptake of convenient, digital payment
rich, 24/7 payments is rapidly changing methods accelerates, the focus is on
the payments mix. In November 2019, we modernisation and ensuring payments
consulted with industry to build a consensus system efficiency through the rationalisation
view on what the payments system might of older systems like APCS for cheques and
look like in the next 5-10 years. This work BECS for direct entry. The Plan outlines areas
culminated in the Future State of Payments for future actions including developing a
Action Plan, published in August 2020. roadmap to manage the transition away from
BECS and a strong focus on managing the
consumer-led decline in cheque use. This Source:
work will continue into 2021. 1. PEXA
2. BPAY Group
3. Roy Morgan
4. Roy Morgan
5. RBA Payments Statistics
6. RBA Consumer Payments Survey 2019
16 AUSTRALIAN PAYMENTS NETWORK 7. NPP Australia ANNUAL REVIEW 2020 17
Secure innovation Payments system
operational resilience
Reflecting the strong preference for card- Global developments The payments system’s operational resilience Next generation connectivity
based payments, Australia stands out globally continues to be an important focus as
with one of the highest penetrations of In response to the growing focus on the shift to digital payments accelerates. AusPayNet’s Community of Interest Network
point-of-sale (POS) terminals. Prior to use in commercial-off-the shelf (COTS) mobile AusPayNet has been working with the RBA and (COIN) continues to be a significant piece of
the market, all card-accepting terminals and devices for payment acceptance, we made APRA on retail payment incidents reporting. payments infrastructure. Launched a decade
solutions including POS terminals and ATMS, significant contribution to the development of The target outcomes are to modernise ago, the COIN provides physical connectivity
must undergo AusPayNet’s standard device PCI’s Contactless Payments on COTS standard. reporting on operational outages, improve the for low value payments traffic including
approval process to ensure the security of This was released in December 2019 and consistency and utility of incident data, and cheques, direct entry and cards as well as
sensitive card data. Approvals are renewed adopted by AusPayNet’s Issuers and Acquirers implement a framework for data disclosure for BPAY bill payments. We are reviewing the
every three years provided there is no Community shortly after. Solutions that meet by financial institutions. We assisted the RBA technology underpinning the network to
substantial change in security technology, these standards provide merchants with with its industry consultation on this topic and ensure the COIN provides next-generation
applicable standards, or security threats. secure contactless acceptance solutions that will continue to play a role when work resumes connectivity for Australian payments into the
This year, we assessed 76 new terminals and protect card data. Building on this work, PCI after the COVID-19 hold. future.
solutions, and conducted 113 device renewals. is now developing a new standard to enable
merchants to accept PIN-based contactless Additionally, we are supporting the APC in Crisis Management
Additionally, AusPayNet assesses devices and transactions on COTS devices. achieving its goal of improving cross-sector AusPayNet is reviewing the industry Crisis
solutions that are market leading in nature systemic resilience. Through a series of Management plan given the increased
and that as a result, cannot be adequately This year, we saw greater interest in using workshops and consultations members of
cloud based cryptographic services to digitisation of payments and subsequent
assessed against existing global standards. the APC are considering both immediate and reliance on electronic payment methods. The
With the goal of ensuring that accreditation manage the encryption keys used to protect longer-term initiatives for uplifting resilience.
card data. AusPayNet is participating in the review includes how we respond to major
does not hinder innovation, AusPayNet works incidents as an industry, the co-ordination
closely with product companies to ensure recently formed PCI Special Interest Group
on Best Practices for Cloud Cryptographic of our response and the use of technologies
that their solutions meet baseline security and process improvements that may assist in
requirements. This year we were delighted Services, which is considering the security
implications of these new services. As an more timely responses and resolution.
to approve a new Mobile-POS ‘tap to phone’
solution for use in the Australian market. Affiliate Member, AusPayNet continues to play
an integral role in the development of these
PCI standards.
18 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 19Preventing
payments fraud
Industry fraud prevention requires close Scams
collaboration and partnership between
financial institutions, card schemes and Scams and identity theft also continue to
merchants. be a focus for AusPayNet’s Fraud in Banking
Forum. During the year, a working group
Globally, online card fraud is rising in line chaired by IDCARE finalised the Identity Theft
with the strong growth in e-commerce and Scam Response Standard and Guidelines.
transactions. Reducing this card-not-present These provide practical guidance to financial
(CNP) fraud, which accounts for some 87% of institution staff on supporting victims,
Governance
all fraud on Australian cards, remains a key including best practice communications
industry priority. and response processes. The Standard and
On 1 July 2019 we implemented the industry Guidelines were adopted across AusPayNet’s
CNP Mitigation Framework developed in frameworks in February 2020.
close collaboration with the e-commerce
community. The Framework sets fraud
thresholds that define acceptable levels of
risk for both issuers and merchants. Since its
implementation, the majority of merchants
who exceeded the fraud threshold in a report
quarter dropped back below the threshold in
Through self-governance, we are able to the next quarter. These efforts are already
having an impact. AusPayNet’s Payment Fraud
balance innovation and security to promote Report published in August 2020 shows that
in 2019 CNP fraud fell by 17.7% to $402.6
competition and deliver efficient outcomes. million, its first fall ever. While the Framework’s
benefits are yet to be fully realised, the
e-commerce community remains vigilant
as online volumes increase during the COVID
pandemic.
While all card fraud fell by 19.5% to $464
million – the biggest decline ever – losses
through scams rose sharply in 2019 to $634
While card fraud
million. The industry is now expanding its fell by 19.5% – the
focus to include this area of growing concern. biggest decline ever
– losses due to scams
rose sharply
20 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 21Trust Accessibility
online and inclusivity
A wide range of public and private sector Accreditation Along with the many benefits of new on point-of-sale (POS) touchscreens. They are
organisations are focused on improving technologies comes the need to ensure a key step in efforts to ensure innovations in
their online service delivery. This focus Robust accreditation of service providers inclusion and accessibility for all users. payments technology are accessible to the
has intensified in recent months, with the will play an important role in establishing Following close engagement with the widest population and an important start of
emphasis on remote access to services. As confidence in services. At the highest level, disability community throughout 2019, on collaborative work on enhancing accessibility
part of this, there’s increased understanding accreditation will ensure that providers 3 December, International Day of People and inclusion in payments.
about the requirement for secure, convenient continue to meet the security, privacy with Disability, we released Guidelines for
and privacy enhancing ways for organisations and interoperability requirements of the Accessibility in PIN Entry on Touchscreen
to interact with customers. Framework. AusPayNet is developing robust Terminals. The Guidelines are designed to
accreditation processes with input from make it easier for people living with vision
The TrustID Framework aims to support this subject matter experts from across the digital and/or motor impairments to make payments
growing requirement. TrustID is an open, identity landscape, including from the Digital
contestable framework that can be used by Transformation Agency.
different organisations to offer a range of
interoperable identity services to individuals Trust Mark
and private sector entities. The TrustID Accredited service providers will be able to
Framework is designed to allow individuals
to establish their credentials online with an
accredited service provider, and then use
display a trust mark to indicate to customers
that the service has been approved by the Emerging
technology
TrustID governing body. The work is being
those credentials to verify who they are when progressed by a number of potential service
interacting online with a range of different providers and the trust mark will be finalised
service providers. AusPayNet is progressing early in 2021.
work in three key areas of governance,
accreditation and a trust mark.
Governance
Collaboration has continued on emerging Our exploration of authentication and QR
Acknowledging the strategic importance technologies. Through a series of workshops codes provides a strong foundation for further
of the framework and ongoing governance with members and other stakeholders our consideration of how payments acceptance is
requirements, we commenced a thorough technology focus has explored authentication evolving.
consultation with a wide range of principles, the ethical application of AI, and QR
stakeholders. This consultation, expected codes.
to complete in early 2021, will shape the
We have benefited from collaboration with
governance structure of the Framework. AusPayNet is Standards Australia on AI, and anticipate
The overarching intention is to promote
competition and innovation, while effectively progressing work on continued inquiry as we take a use case-
based approach to examining the use of AI in
controlling and managing risk. the TrustID Framework payments.
to provide a secure,
convenient and private
way for businesses and
consumers to
interact online.
22 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 23Shaping global and Effective
local standards self-governance
AusPayNet is at the frontline of standards In December 2019, we were delighted to host As the pace of innovation accelerates and
development as a participant on global two ISO working groups, bringing together participants in the payments industry
and domestic standards bodies including technical experts from across the globe diversify, a priority is to ensure that our
ISO, PCI, EMVCo, Fast Identity Online Alliance including the US, UK, France, South Korea and approach to self-governance remains fit for
(FIDO), World Wide Web Consortium (W3C) and China. Other highlights included participation purpose.
Standards Australia. A key focus is to increase in the PCI SSC Asia-Pacific Community Meeting
This year, we commenced a review of
standards alignment and consistency where held in Melbourne in November 2019.
AusPayNet’s constitution and governance
possible, while ensuring the security and
structure, including corporate objects,
interoperability of card payments In Australia.
decision-making architecture, funding,
We currently hold the positions of Convenor of membership and board structure. The review
two ISO Working Groups and Chair of Standards will continue through the 2021 financial year.
Australia IT005. Additionally, AusPayNet is a
member of the Board of Advisors of the PCI
SSC and participates in all major PCI Working
Groups.
EMVCO Associate – Industry Group
ISO/TC68/SC2 Financial Services Security
ISO/TC68 Financial Services/Working Group 7
ISO 20022 ISO/ TC68/SC2/Working Group 11
ISO/TC68/SC2/Working Group 13
ISO/TC307 Blockchain and Distributed Ledger Technologies
PCI SSC Affiliate Member
We participate PCI SSC Board of Advisors
in the following PCI SSC Encryption Task Force
standards PCI SSC Mobile Task Force
committees and PCI SSC Mobile Working Group
bodies: PCI SSC PIN Assessment Working Group
PCI SSC PIN Transaction Security Working Group
PCI SSC SIG Cloud Cryptography
PCI SSC Software Security Working Group
Standards Australia IT-005: Financial Transaction Systems
Standards Australia IT-041: Blockchain and Distributed Ledger Technologies
SWIFT Australian National Member Group
SWIFT Australian User Group
24 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 25Shaping
payments policy
Throughout the course of this year, AusPayNet Innovation
has continued to shape four key policy areas.
The payments system is a foundational
Self-regulation component of Australia’s digital economy.
Drawing upon our experience in payments
Self-regulation underpins the Australian
system governance, AusPayNet contributed to
payments system and has supported a wave
a number of Government inquiries.
of innovation. This was highlighted in our
submission to the Reserve Bank’s Review of In May 2020, we welcomed the opportunity to
Policy and advocacy
Retail Payments Regulation which commenced respond to the Inquiry into Future Directions
in late 2019. The review was paused in March for the Consumer Data Right. Our submission
in light of COIVD and AusPayNet looks forward highlighted the prerequisites for a successful
to further consultation when it resumes later data economy: an effective and robust
in 2020. governance framework, and customer
identification and verification.
Efficiency
The Senate Committee on Financial
We responded to the Australian Government’s Technology and Regulatory Technology
Deregulation Taskforce, which is examining is reviewing Government fintech policy.
the stock of government regulation. AusPayNet provided a written response in
Referring to the Government’s priority areas December 2019 and attended a public hearing
of modernising business communications
Developments in the regulatory landscape to assist in the COVID-19 recovery, our
in February 2020, giving the Committee
an overview of the payments system, the
submission supported the broad intent changing way we pay, and our work to support
continue to play an important role in the way and highlighted two specific areas for
attention. These included advocating for
payments innovation.
that payments are evolving. payment method neutrality to support digital
payments and amending the Electronic
Transactions Act to allow for the electronic
provision of verified credentials (whether or
not the credentials were originally contained
in a physical document).
Consumer Protections
Consumer protection is key to ensuring public
confidence in payments. With that in mind,
AusPayNet continued to engage with ASIC’s
review of the voluntary ePayments Code in
2020. AusPayNet provided advice on a range
of issues, including direction that the Code
might not be the most appropriate vehicle to
address the topic of scams, which are quick
to adapt and change. We also highlighted that
the revised Code should remain flexible and
responsive to future developments, including
the Consumer Data Right (CDR).
26 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 27Stakeholder
engagement
Member Engagement arrangements with their Policy department Payments Summit Stakeholder communication
to promote discussions on issues affecting
Our members are at the heart of everything the payments system. We also liaise with The annual AusPayNet Summit is a significant Bringing all stakeholders along and creating
we do. Through our member engagement Treasury, the Digital Transformation Agency event in the industry’s calendar bringing support for industry work is critical to
initiatives, we collectively develop a broader (DTA) and the Productivity Commission on together a wide range of payments enabling change. Our communications
understanding of the opportunities and issues of payments policy. Public regulators enthusiasts to explore the impact of emerging and engagement initiatives help us build
challenges facing the payments industry. we work with include the Australian Prudential trends on the future of payments. Our connections with stakeholders with a view to
This year, we had more than 300 relationship Regulatory Authority (APRA), the Australian December 2019 Summit, themed ‘Payments better informing conversations on payment
meetings with members and kicked-off Securities and Investment Commission (ASIC) - The Key to the Best Customer Outcomes’, issues. These include speaking engagements
regular briefing sessions with the fintech and the Australian Competition and Consumer was a sell-out event with over 300 people at conferences and other industry forums,
community, providing a forum for ongoing Commission (ACCC). attending. Featuring leading international liaising with industry associations and
discussion. and local speakers, panels and roundtables, consumer representative bodies, and
The evolving payments landscape is reflected Working with law enforcement the Summit sparked lively debate to uncover participating in roundtables and critical
in our growing and increasingly diverse AusPayNet’s Fraud in Banking Forum issues that need an industry-wide focus. We discussions on payments-related issues. The
membership. We were delighted to welcome brings together fraud specialists from were delighted to have the RBA Governor, move to online events during COVID allowed us to
seven new Participant members this year - financial institutions and law enforcement Philip Lowe, give his much-anticipated more easily participate in events hosted by other
DBS Bank, Global Payments Australia, in1bank, communities to share information at a keynote address - a regular highlight of countries including the US, Canada and Asia.
Judo Bank, Keb Hana Bank, Split Payments, strategic level on financial crime and our summit - and thank all our sponsors,
As payments touch everyone, we also have
China Merchants Bank - and Armaguard as an emerging banking fraud issues. The Forum members, regulators, and the wider payments
an important role to play in helping the
Affiliate member. met four times this year, in Perth, Melbourne community for their ongoing support.
broader community understand payments
Our annual member survey provides valuable and Brisbane, and a virtual meeting due to In light of COVID restrictions around developments. We do this through a range
feedback and highlights possible areas for COVID-19. gatherings, we are replacing this year’s of initiatives including regular blogs,
further collaboration. This year, members’ Summit with a series of online events newsletters, reports, and media briefings.
Member and industry events culminating in a session featuring the RBA Visitors to the AusPayNet website, the hub
overall satisfaction with their interactions
with AusPayNet reached 94.7% - up from AusPayNet’s events program provides a Governor on 7 December 2020. We invite for our communications and information,
90.7% in 2019. Priorities for industry work collaborative forum for exploring emerging everyone with an interest in payments to join us. grew by 45.6% this year. Similarly, the number
included managing the payment streams, trends and issues. This year’s topics included of people following us on LinkedIn was up
promoting innovation and emerging digital ID, sanctions screening, COVID-19 and 49.9%, and our Twitter impressions more than
technologies, and combatting fraud and payments, scams and cybersecurity. Due to doubled. We invite you to follow us on social
scams. COVID restrictions, our 2020 events were held media and explore our website as we continue
online only with a record number of members to develop these channels during the 2021
Liaising with regulators participating. financial year.
and government
We continue to work closely with regulators
and government bodies on payments-related
issues to ensure self-regulatory and market-
based outcomes that are in the interests of all
users. AusPayNet has an ongoing relationship
with the RBA, which includes formal liaison
28 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 29Board of Directors Jackie Kallman
BPSYCHSC (HONS), MAICD
Kees Kwakernaak
MSC, MAICD
Head of Payments Industry, ANZ Managing Director,
First Data Network Australia
Appointed as a non-executive director by
ANZ in April 2018. Appointed as a non-executive director by
Under the leadership of an independent chair, the Board has 13 members Ms Kallman serves as Chair of the HVCS Electing Members in October 2016.
Mr Kwakernaak serves as Chairman of the
comprising independent directors, the CEO, and non-executive directors Management Committee.
ACDES Management Committee, the Next
appointed or elected by AusPayNet members. Generation Banknotes Support Steering
Committee, and member of the Nomination
Committee.
The independent directors have substantial voting
rights to ensure public interest and broader
community benefits are effectively represented.
Robert Craig, Chair Olivia McArdle Michelle McPhee
BSC (HONS), BCA, MAICD B COMM (ACCOUNTING & LAW), MBA, CA, MAICD BBUS (HONS), GAICD
There was one change to the Board during the year.
Chief Operating Officer, icare Head of Deposits and Payment Products, Head of Banking, RBA
Paul Franklin stepped down from the Board and as
Deputy Chair in December 2019. He was replaced by Macquarie Bank Limited
Appointed in January 2014 as an
Dianne Shay as a director and by Lynda McMillan as
independent director and AusPayNet Chair. Appointed as a non-executive director by Appointed as a non-executive director by
Deputy Chair. The names of the directors in office as
Mr Craig also serves as Chair and member Electing Members in November 2017. the RBA in February 2017.
at 30 September 2020 follow.
of the Payments Review Committee and Ms McArdle serves as member of the Ms McPhee serves as Chair and member of
Remuneration Committee. Audit, Risk and Finance Committee and the Audit, Risk and Finance Committee, and
Remuneration Committee. member of the Nomination Committee and
Remuneration Committee.
Lynda McMillan, Deputy Chair Andy White, CEO
MBUS, GAICD BA [HONS], MA [OXON), GAICD Kate Mulligan Dianne Shay
BA, LLB(HONS), MAICD MAICD
Head of Payments Representation, CEO, AusPayNet
Retail Banking Services, CBA Managing Partner, King Irving Head of Payments Industry, Cashflow
Appointed as CEO and an executive director Solutions, Customer Experience,
Appointed as a non-executive director by of AusPayNet in March 2019. Appointed as an independent director in National Australia Bank Limited
the CBA in April 2018 and as Deputy Chair by Mr White serves as Chair and member of June 2014.
the Board in December 2019. Ms McMillan the Governance Review Committee, and Ms Mulligan serves as Chair of the Issuers Appointed as a non-executive director by
also serves as Chair of the Fraud in Banking member of the Audit, Risk and Finance and Acquirers Forum, and member of the NAB in December 2019.
Forum and Nomination Committee, Committee, Payments Review Committee, Governance Review Committee. Ms Shay serves as Chair of the APCS
and member of the Governance Review Remuneration Committee and the Management Committee.
Committee. Australian Payments Council.
Chris Campbell Jennifer Clark
BEC, MBUS (FINANCE) FAICD Mark Tibbles Derek Weatherley
Head of Payments Policy and Strategy, Deputy Chair of the Australian Maritime Safety MAICD BCOMM, MACC, GAICD
Westpac Group Authority and independent Chair of audit, CEO, Australian Settlements Limited CEO, Indue Limited
risk, and finance committees for a number of
Appointed as a non-executive director by different organisations Appointed as a non-executive director by Appointed as a non-executive director by
Westpac in April 2003.
Appointed as an independent director in Building Society Members in April 2019. Credit Union Members in April 2018.
Mr Campbell serves as Chair of the COIN
June 2014. Mr Tibbles serves as member of the Mr Weatherley serves as Chair of the BECS
Management Committee, member of
Ms Clark serves as Chair of the Policy Nomination Committee. Management Committee, and member of
the Audit, Risk and Finance Committee,
Experts Group, and member of the the Payments Review Committee.
Remuneration Committee and Policy
Audit, Risk and Finance Committee and
Experts Group.
Remuneration Committee.
30 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 31Governance Framework Our Team
The AusPayNet Board is responsible for setting the company’s Our Executive Committee is responsible for leading the
strategic direction and corporate governance. AusPayNet team in delivering on strategic objectives.
Chair and CEO Board Charter, Code of Conduct ANDY WHITE, CEO
The current Chair, Robert Craig, was appointed and Induction
in January 2014 and is an independent The Board carries out its functions and
voting director. The CEO is charged with exercises its powers in accordance with the
implementing Board endorsed strategy Board charter, which sets out its role and
and managing the day to day affairs of the responsibilities. The charter is supplemented
company. The CEO is a board-appointed, non- by various board policies including a conflicts
voting, executive director. management policy, a competition protocol
and a Code of Conduct, which all directors
Board Committees
and management committee members must
The Board has established a management comply with, and which is designed to ensure
committee for each AusPayNet framework high standards of ethical and professional
including its clearing systems, Issuers and conduct and compliance.
Acquirers Community, and infrastructure
The Board reviews the charter and other
system (COIN). Acting under delegated
policies regularly. An induction program for
authority from the Board, management
newly appointed board members provides Nancy Bryla Lynette Hickey Lauren Johnson Victoria Richardson Luke Wilson
committees are responsible for the efficient
an overview of AusPayNet’s governance General Counsel Chief Financial Officer Chief People and Chief Strategy Officer Chief Operating
operation and management of each
framework. Specialised sub-committees are
and policy framework and operations, as Culture Officer Officer
well as an understanding of their role and
also established under certain frameworks
responsibilities.
to address technical and operational issues
requiring subject matter expertise. Reserve Bank of Australia
The Board has also established the following As a participant in payment systems, the Responding to COVID-19 Fostering a Purpose-Led Culture
committees to assist in managing the RBA has been a member of AusPayNet
company’s affairs: since its inception in 1992. The RBA has Ensuring the safety and welfare of our team Our strategic plan through to 2023 adopts a
appointed a director to the AusPayNet Board, during COVID-19 has been paramount. We purpose-led approach to better balance the
• A udit, Risk and Finance Committee: reviews have created a highly flexible environment different interests of our increasingly diverse
the company’s internal financial practices, in accordance with its rights under the
AusPayNet Constitution. Additionally, since and equipped our people with the resources members and stakeholders.
budget and audit results and monitors the they need to work remotely. Supported by
effectiveness of the company’s financial May 2007, the RBA and AusPayNet have been In a purpose-led organisation, we need to be
liaising on payments policy issues under an high-quality systems, our people have worked
controls and administrative policies. leaders at every level. This year, we initiated
agreed set of procedures which have been set seamlessly from home during a challenging
a leadership development program, which
•N
omination Committee: supports the out in a Memorandum of Understanding, which period. We remain vigilant and continue to
will run until December 2021, giving everyone
Board on matters relating to the eligibility, includes senior staff of the RBA consulting make decisions based on government advice.
across the organisation opportunities
appointment and election of directors. with AusPayNet on a regular basis on issues to achieve their goals and inspiring high
• R emuneration Committee: establishes of common interest. This ensures continued performance. Strengthening and broadening
remuneration policies and practices for close cooperation between the RBA and key competencies for the future allows
the company generally and recommends AusPayNet. us to continue to support the delivery of
remuneration levels and contractual our corporate goals to the benefit of our
Risk Management members.
arrangements for the CEO, independent
chair and independent directors. AusPayNet has put in place a risk management
framework which the Board oversees. Key
risks and risk appetite are regularly reviewed,
and the risk framework is submitted to both
internal and external review.
32 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 33Membership Glossary
AusPayNet has 137 member organisations including participant
members, operator members, COIN members and affiliates.
ACDES Australian Cash Distribution and Exchange System
We thank them all for their support and contributions. AI Artificial Intelligence
AML Anti-Money Laundering
PARTICIPANT MEMBERS First Data Network Rabobank Australia Limited Royal Australian Mint
Australia Limited Rabobank, Australia Branch S.W.I.F.T. Services Australia APC Australian Payments Council
Adyen Australia Pty Limited G&C Mutual Bank Limited (Co-Operative Centrale Raiffeisen- Pty Limited
Agricultural Bank of China Limited Gateway Bank Ltd Boerenleenbank B.A.) UnionPay International Co., Ltd. APCS Australian Paper Clearing System
AMP Bank Limited Global Payments Australia 1 Pty Ltd Railway Credit Union Limited Visa AP (Australia) Pty Ltd APRA Australian Prudential Regulation Authority
Arab Bank Australia Limited Greater Bank Limited trading as MOVE Bank
Australia and New Zealand Banking Heritage Bank Limited Regional Australia Bank Limited
Also a COIN member BECS Bulk Electronic Clearing System
Group Limited Holiday Coast (now known as Reserve Bank of Australia
Australia Post COIN MEMBERS Blockchain A distributed ledger
Regional Australia Bank Ltd) Royal Bank of Canada
Australian Military Bank Ltd Hong Kong and Shanghai Southern Cross Credit Union Ltd CNP Card-not-present
Australian Mutual Bank Limited A2B Australia Limited
Banking Corporation Limited Split Payments Pty Ltd
Australian Settlements Limited First Data Resources Australia COIN Community of Interest Network
- Australian Branch Standard Chartered Bank
Australian Unity Bank Limited Limited
HSBC Bank Australia Limited State Bank of India
Auswide Bank Ltd Fuji Xerox Businessforce Pty Ltd Digital ID Digital Identity
Hume Bank Limited State Street Bank and
B&E Ltd trading as Bank of Us Genpact Australia Pty Ltd
IMB Ltd Trust Company
Property Exchange Australia Direct Entry Payments system for direct debits and direct credits
Bank Australia Limited In1bank Ltd Sumitomo Mitsui Banking
Bank of America, National Limited (PEXA) EMV Europay, MasterCard, and Visa
Indue Ltd Corporation
Association Transaction Network Services
Industrial and Commercial Bank of Summerland Credit Union Ltd Fintech Collaboration between financial services companies and technology innovators
Bank of China Australia Pty Ltd
China Limited Suncorp-Metway Limited
Bank of China (Australia) Limited ING Bank (Australia) Limited Taiwan Business Bank, HVCS High Value Clearing System
Bank of Communications Co., Ltd (trading as ING) Sydney Branch AFFILIATES
Sydney Branch ING Bank NV (Sydney Branch) Teachers Mutual Bank Limited IAC Issuers and Acquirers Community
Bank of Queensland Limited Advam Pty Ltd
JPMorgan Chase Bank, National Tyro Payments Limited ISO International Organization for Standardization
Bank of Sydney Ltd Armaguard Technology Solutions
Association UBS AG, Australia Branch
Bendigo and Adelaide Bank Limited Pty Ltd
Judo Bank Pty Ltd United Overseas Bank Limited KYC Know Your Customer
Beyond Bank Australia Limited Cardtronics Australasia Pty Ltd
KEB Hana Bank Uniting Financial Services
BNP Paribas Diebold Nixdorf Australia NPP New Payments Platform
LCH Clearnet Limited Unity Bank Limited
BNP Paribas Securities Services Pty Limited
Macquarie Bank Limited Victoria Teachers Limited, trading PCI Payment Card Industry
Capricornian Ltd (The) Gemalto
Maitland Mutual Limited as Bank First
China Construction Bank Giesecke & Devrient Australasia PCI SSC PCI Security Standards Council
Mega International Commercial Volt Bank Limited
Corporation, Sydney Branch Ingenico International
Bank Co, Ltd Warwick Credit Union Ltd
China Merchants Bank Co., Ltd. (Pacific) Pty Ltd POS Point-of-sale
Members Banking Group Limited Westpac Banking Corporation
Citibank N.A. NCR Australia Pty Ltd
trading as RACQ Bank Windcave Pty. Limited
Optus QR Codes Quick Response Codes
Citigroup Pty Limited Members Equity Bank Pty Limited Woolworths Group Limited
CLS Bank International Quest Payment Systems Pty Ltd RBA Reserve Bank of Australia
Mizuho Bank, Ltd Xinja Bank Limited
Coles Group Limited Southern Payment Systems Pty Ltd
MUFG Bank, Ltd. SWIFT Society for Worldwide Interbank Financial Telecommunications
Commonwealth Bank of Australia (trading as Pin Payments)
MyState Bank Limited OPERATOR MEMBERS
Community First Credit Union Thales
National Australia Bank Limited
Limited Threatmetrix Pty Ltd
Newcastle Permanent Building American Express Australia Limited
Credit Union Australia Limited UL Transaction Security
Society Ltd Austraclear Limited
Cuscal Limited Verifone Pty Ltd
Northern Trust Company (The) BPAY Group Limited
DBS Bank Ltd., Australia Branch Oversea-Chinese Banking Diners Club Australia Pty Ltd
Defence Bank Limited Members as at 30 September 2020
Corporation Limited eftpos Payments Australia Limited
Delphi Bank (a division of Bendigo Police & Nurses Limited Google Payment Australia Pty Ltd
and Adelaide Bank Ltd) Police Bank Limited Mastercard Asia/Pacific (Australia)
Deutsche Bank AG QPCU Limited Pty LtdNPP Australia Limited
EFTEX Pty Limited Queensland Country Bank Limited PayPal Australia Pty Ltd
34 AUSTRALIAN PAYMENTS NETWORK ANNUAL REVIEW 2020 35You can also read
