NOVEMBER - 202219For more than 20 years, Australian payment regulators and industry participants have set the agenda for domestic payment-system development.This collaboration has been the basis for innovation in the Australian payments sector during a time of accelerating change in technology and customer expectations. But, the increasing size of the network, pace of innovation and complexity of delivery means we have likely reached a tipping point for the way we govern and deliver payments in Australia.The continued demand for innovation is challenged by increased risk and downward pressure on cost. While short-term investment stretches and cost-cutting targets are achievable, these measures will ultimately fail unless we replace legacy systems with newer, more secure, resilient, and efficient platforms. If we don't address the technical debt of the multiple overlapping payment platforms that has evolved over time, we risk being weighed down by high cost, greater risk, and consumer confusion, instead of confidently building a competitive system that meets our social and economic needs. The provision of low-cost payments services has been a critical factor in the development of competitive commercial offerings. Maintaining reasonable cost for payments is important, but policy should also consider the need to By Jackie Kallman, Head of Payments Industry and Engagement, ANZ Banking ServicesA TIPPING POINT FOR AUSTRALIAN PAYMENTSCXO INSIGHTS
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