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Consultation on ISO 20022 Migration for the Australian Payments System – Responses and Options Paper

Summary:
The Reserve Bank of Australia (RBA) and the Australian Payments Council (APC) today released the ISO 20022 Migration for the Australian Payments System – Responses and Options Paper. This follows the Issues Paper published earlier this year, which sought views on the migration of messaging used in some parts of the Australian payments system to the International Organization for Standardization (ISO) 20022 payments messaging standard. The RBA and APC received 31 submissions to the Issues Paper, with respondents representing a diverse range of backgrounds including Exchange Settlement Account (ESA) holders, industry bodies, corporate organisations,

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The Reserve Bank of Australia (RBA) and the Australian Payments Council (APC) today released the ISO 20022 Migration for the Australian Payments System – Responses and Options Paper. This follows the Issues Paper published earlier this year, which sought views on the migration of messaging used in some parts of the Australian payments system to the International Organization for Standardization (ISO) 20022 payments messaging standard.

The RBA and APC received 31 submissions to the Issues Paper, with respondents representing a diverse range of backgrounds including Exchange Settlement Account (ESA) holders, industry bodies, corporate organisations, vendors and payment service providers.

This Responses and Options Paper provides a summary of the responses received through the initial consultation and puts forward some potential implementation options for consideration, based on the same strategic issues outlined in the Issues Paper. A Conclusions Paper on this topic is planned for publication in the first half of 2020.

The RBA and APC invite interested parties, regardless of whether they responded to the Issues Paper, to provide their views in writing by 11 November 2019. Please submit responses using the Response Template provided.

The APC was formed in 2014 as the strategic coordination body for the Australian payments industry. The APC's role is to help ensure the Australian payments system continues to meet changing customer needs with innovative, secure and competitive payment services. Further information on the APC is available here.

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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