PANews reported on October 24 that according to Bloomberg, Reserve Bank of Australia (RBA) Governor Michele Bullock delivered a speech today, proposing four priority directions to modernize the national payment system, emphasizing that innovation and security go hand in hand. Bullock stated that the top priority is upgrading Australia's inter-account payment infrastructure, gradually replacing the aging Bulk Electronic Clearing System (BECS) and launching an implementation plan by mid-2026 to enable real-time, 24/7 payments and rich data support. Secondly, the Reserve Bank is working with the industry to improve cross-border payment efficiency, reduce costs, and enhance transparency. Third, the central bank will continue to invest in fraud prevention and quantum-safe encryption upgrades, preparing to migrate the card system to the "quantum-safe protocol" AES standard. Finally, the Reserve Bank will strengthen system operational resilience to ensure the stability of the payment network amid the development of digital currencies and central bank digital currencies (CBDCs). Bullock added that despite the rise in digital payments, the RBA remains committed to keeping cash flowing and is working with major banks and regulators on new cash distribution models to ensure long-term sustainability.PANews reported on October 24 that according to Bloomberg, Reserve Bank of Australia (RBA) Governor Michele Bullock delivered a speech today, proposing four priority directions to modernize the national payment system, emphasizing that innovation and security go hand in hand. Bullock stated that the top priority is upgrading Australia's inter-account payment infrastructure, gradually replacing the aging Bulk Electronic Clearing System (BECS) and launching an implementation plan by mid-2026 to enable real-time, 24/7 payments and rich data support. Secondly, the Reserve Bank is working with the industry to improve cross-border payment efficiency, reduce costs, and enhance transparency. Third, the central bank will continue to invest in fraud prevention and quantum-safe encryption upgrades, preparing to migrate the card system to the "quantum-safe protocol" AES standard. Finally, the Reserve Bank will strengthen system operational resilience to ensure the stability of the payment network amid the development of digital currencies and central bank digital currencies (CBDCs). Bullock added that despite the rise in digital payments, the RBA remains committed to keeping cash flowing and is working with major banks and regulators on new cash distribution models to ensure long-term sustainability.
Australian central bank governor Bullock: will comprehensively reform the payment system to strengthen cross-border payment and security resilience
2025/10/24 09:33
PANews reported on October 24 that according to Bloomberg, Reserve Bank of Australia (RBA) Governor Michele Bullock delivered a speech today, proposing four priority directions to modernize the national payment system, emphasizing that innovation and security go hand in hand.
Bullock stated that the top priority is upgrading Australia's inter-account payment infrastructure, gradually replacing the aging Bulk Electronic Clearing System (BECS) and launching an implementation plan by mid-2026 to enable real-time, 24/7 payments and rich data support. Secondly, the Reserve Bank is working with the industry to improve cross-border payment efficiency, reduce costs, and enhance transparency. Third, the central bank will continue to invest in fraud prevention and quantum-safe encryption upgrades, preparing to migrate the card system to the "quantum-safe protocol" AES standard. Finally, the Reserve Bank will strengthen system operational resilience to ensure the stability of the payment network amid the development of digital currencies and central bank digital currencies (CBDCs).
Bullock added that despite the rise in digital payments, the RBA remains committed to keeping cash flowing and is working with major banks and regulators on new cash distribution models to ensure long-term sustainability.
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