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Australian Payments Network Limited (AusPayNet), formerly the Australian Payments Clearing Association (APCA) [1] 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.
[1] [2] The BSB is used for processing of paper and electronic transactions, but not in payment card numbering. In Australia, the Australian Payments Network (AusPayNet) is now the regulatory body of cheque clearances and of the BSB codes in Australia. AusPayNet assigns the bank code to a financial institution and the financial institution ...
Electronic Funds Transfer at Point Of Sale, abbreviated as EFTPOS (/ ˈ ɛ f (t) p ɒ s /), is the technical term referring to a type of payment transaction where electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as payment cards (debit cards, credit cards or gift cards).
Cheques are still the most important non-cash payment instruments in Australia, in terms of the value transferred. The number of monthly cheque transactions in 2008 was 33.7 million with a value of $139.3 billion. [4] Cheque use is in decline worldwide, but it is declining faster in Australia than many other countries.
The New Payments Platform (NPP), operated by New Payments Platform Australia Ltd (NPPA) [1] is an industry-wide payments platform for Australia. It became accessible to the general public on 13 February 2018 [ 2 ] with the introduction of PayID, an addressing capability, and Osko , [ 3 ] the first NPP overlay service, operated by BPAY .
A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. [1] Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the ...
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The Banking Code of Practice is a set of enforceable standards that customers, small businesses, and their guarantors can expect from Australian banks first introduced in 1993. The Code is a set of promises outlining how a bank should conduct itself in its dealings with customers, as well as specific requirements for banking services.