The ACCC proposes to grant re-authorisation to the New Payments Platform (NPP) Regulations that apply to suspension and termination of NPP participants.
The NPP was launched in February 2018 and is an open access infrastructure that allows Australian businesses, government agencies and consumers to make real-time payments. The suspension and termination provisions of the NPP Regulations were first authorised by the ACCC in 2017 for 5 years.
The ACCC considers that the provisions are likely to result in public benefits through the protection of the security, efficiency, and integrity of the NPP. In particular, the ACCC considers that without the ability to enforce compliance standards the operational efficiency of the NPP could be reduced, which would compromise the industry’s ability to coordinate the clearing and settlement of payments in an efficient manner.
The ACCC is proposing to grant re-authorisation for 5 years. The ACCC is accepting submissions in relation to the draft determination until 8 April 2022.
Further information about the application for authorisation and the ACCC’s draft determination is available on the authorisation public register at: NPP Australia Limited.