The vision for account-to-account payments in Australia

A2A vision > Governance

5 Governance  

The A2A system will benefit from clear, collaborative and adaptable governance arrangements, operating at both an industry-wide and scheme level, and in compliance with competition law. Such arrangements will provide effective stewardship of the A2A system, aligning stakeholders in delivering shared objectives to ensure that the system remains a trusted national asset operating in the public interest.

The detailed structures and coordination mechanisms required to deliver the A2A payments vision will be further developed as part of the A2A payments roadmap. Effective governance of the A2A payments vision and the development and delivery of the A2A payments roadmap will require an overarching framework that gives consideration to the following principles:

• Appropriate governance forums and coordination mechanisms: The appropriate governance forums must be in place (such as stakeholder councils or steering committees), at both an industry wide and scheme level, with clear mandates, objectives, roles and accountabilities. Individual clearing schemes will play an important role in delivering the A2A payments vision and A2A payments roadmap and will need to work with industry wide forums in a coordinated and complementary manner. Shared industry positions will be developed through structured consultation and validation with industry participants, regulators and end-users, with the objective of reaching in-principle agreement on roadmap priorities and outcomes. Individual schemes and participants will be responsible for implementing A2A payments roadmap outcomes within their own governance and delivery frameworks. 
  Where applicable, governance forums will need to have robust mechanisms for developing, reviewing and enforcing technical standards, rules and processes. Governance forums and coordination mechanisms will also need to be regularly reviewed throughout the development and delivery of the  A2A payments roadmap to ensure they remain appropriate.
• Representative participation: Participation in these governance arrangements must be inclusive and representative of the diversity of the payments ecosystem (including non‑ADI participants, smaller ADIs, fintechs, payment service providers and technology providers) to support balanced decision-making and management of trade-offs and to build consensus around the A2A payments roadmap. Mechanisms should also be in place to ensure ongoing broad stakeholder consultation.  
• Role of the public and private sectors: Public sector agencies with relevant mandates should participate in the governance of the A2A payments system, at the appropriate layer, to provide oversight, strategic input and safeguard the public interest. Industry should lead the design, delivery and operation of A2A clearing infrastructure, products and services, working collaboratively with the public sector to achieve the A2A payments vision. Consultation with end-users and other stakeholders is paramount.
• Alignment with legal, regulatory and policy frameworks: Governance arrangements should operate within, and complement, relevant legal and regulatory frameworks. This includes recognising the role of public policy objectives, national interest considerations, legislation and regulatory oversight in supporting the safety, resilience, efficiency and competitiveness of the A2A payments system.
• Transparency and accountability through monitoring and reporting: There should be transparency regarding A2A system governance arrangements, particularly at the industry wide level, including the monitoring of progress in delivering the A2A payments vision and A2A payments roadmap, reporting on agreed success metrics, system performance and implementation outcomes.  
• Periodic review of the A2A payments vision: Governance arrangements should include a formal review mechanism to ensure the A2A payments vision remains fit‑for‑purpose and forward-looking as payments infrastructure, technological advances, legal and regulatory settings and societal expectations evolve.