What is Australian Payments Clearing Association mean? Australian Payments Network Limited (AusPayNet, formerly the Australian Payments Clearing Association, APCA) is the self-regulatory body set up by the payments industry to improve the safety, reliability, equity, convenience and efficiency of payment systems in Australia.
AusPayNet has some 120 members which include Australia's leading financial institutions, such as banks, building societies and credit unions, as well as major retailers and other service providers.
AusPayNet administers a number of payment systems in Australia. AusPayNet sets, manages and develops regulations, procedures and standards governing payments clearing and settlement within Australia. Payments systems covered by AusPayNet's rules include cheques, direct debits and credits, aspects of ATM and EFTPOS transactions, high value payments and the distribution of wholesale cash. Its role includes strategic direction and regulatory policy for the Australian payments system.
AusPayNet provides a venue for collaboration and cross-industry innovation on these issues and works closely with government, regulators, payments stakeholders and individuals to improve the payments system.
AusPayNet is also the official issuer and custodian of Bank State Branch (BSB) numbers, the bank code system used in Australia. AusPayNet assigns the bank code to a financial institution who then allocates the other digits, in line with guidelines set by AusPayNet. AusPayNet also manages the Magnetic ink character recognition (MICR) cheque encoding standards in Australia.
reference nan
Posted on 18 Sep 2024, this text provides information on Accounts and Finance related to Miscellaneous in Accounts and Finance. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.