BPAY Group welcomes collaboration on consolidation of Australian payments governance

BPAY Group welcomes the opportunity to work collaboratively with other organisations to assess whether there are benefits of increased consolidation or coordination of payments systems within Australia.
 
Following the RBA’s Review of Retail Payments Regulation published on 29 November 2019, BPAY Group’s Management and Board have been considering whether any changes or consolidation of the various Australian domestic payment arrangements would be beneficial.
 
“Consolidation or better coordination of payments systems within Australia has the potential to make life simpler for businesses, the industry and all Australians,” said BPAY Group CEO John Banfield.

“BPAY Group’s purpose is to make life simpler. The organisation has actively been building a dynamic and innovative group of companies and services in Australia that meet the needs of our customers in payments.

“There is a clear opportunity to tap into the experience, strengths and innovative growth of BPAY Group to create something materially more valuable, commercial and innovative for the broader industry.
 
“BPAY Group is experienced in bringing together financial institutions and businesses while allowing competition to flourish. We welcome the opportunity to work collaboratively to assess whether there are benefits on increased consolidation or coordination for the betterment of all, and I personally look forward to participating in the Committee,” said Banfield.