According to Bloomberg, Reserve Bank of Australia (RBA) Governor Michele Bullock made a speech outlining four priority directions to modernize the national payment system, emphasizing that innovation and security go hand in hand.
Bullock said the priority is to upgrade Australia's inter-account payment infrastructure, gradually replace the aging bulk electronic clearing system (BECS), and introduce an implementation plan by mid-2026 to enable real-time, 24/7 payments and rich data support. Second, the RBA is working with industry to improve cross-border transfer efficiency, reduce costs and enhance transparency. Third, the central bank will continue to invest in fraud prevention and quantum-secure encryption upgrades, preparing to migrate the card system to the "quantum-secure protocol" AES standard. Finally, the RBA will strengthen the operational resilience of the system to ensure the stability of the payment network under the development of digital currencies and central bank digital currencies (CBDCs).
Bullock added that despite the popularity of digital payments, RBA remains committed to maintaining cash flow and is working with major banks and regulators on new cash distribution models to ensure long-term sustainability.
RBA Governor Bullock: Payment system will be overhauled to strengthen cross-border transfers and security resilience
2025-10-24 01:38:14
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