The Reserve Bank of Australia has put the payments industry on notice over the pace of reform to account-to-account payments, the direct bank-to-bank transfers that move money between everyday accounts. In its late-August update, the Payments System Board welcomed the publication of an industry vision for modernising these payments, but was candid about the work still to be done. It set out a list of open issues and delivered a clear, if measured, message: if industry cannot make coordinated progress, the Board will encourage the RBA to consider further action. The statement reflects the regulator's long-standing interest in ensuring Australia's core payments infrastructure keeps pace with technology and with the needs of consumers and businesses.

What the RBA Said

In Media Release 2026-23, dated 27 August 2026, the Payments System Board welcomed the publication of the A2A Payments Vision and discussed the developing A2A Payments Roadmap.

The Board identified several open issues that still need to be resolved. These include the future of the Bulk Electronic Clearing System, known as BECS; resilience and contingency arrangements; bulk and pull payment capabilities; and gaps in account reach alongside standardisation priorities.

The Board's key message was direct. It said that if the industry is unable to make coordinated progress on modernising A2A payments, the Board encourages the RBA to consider further action.

The framing is important. The Board welcomed the industry's direction and is engaging with an evolving roadmap, but it has attached a clear expectation of coordinated delivery, with the prospect of regulatory involvement if that does not materialise.

The Key Numbers

Four open issues: future of BECS, resilience arrangements, bulk/pull payments, account reach and standardisation. Regulator may encourage further RBA action if coordination fails.

What Could Happen Next

The immediate focus will be the continued development of the A2A Payments Roadmap, which is expected to translate the published vision into concrete steps. Progress on the open issues the Board identified will be closely watched.

The future of BECS is likely to be a defining question, given the need to preserve capabilities such as bulk and pull payments as the system evolves. Resilience, account reach and standardisation will also require coordinated work across the industry.

Should coordinated progress fall short, the Board has indicated it may encourage the RBA to consider further action, which could bring the regulator more directly into the process. The path the industry chooses in the coming period will shape whether that becomes necessary.

Conclusion

The Payments System Board has offered a balanced but pointed assessment of account-to-account payments reform. It has welcomed the industry's vision and is engaging with the roadmap, while identifying real unresolved issues, from the future of BECS to resilience, capability and reach. The Board's message is that coordinated progress is expected, and that the alternative is the prospect of further regulatory action. For an industry responsible for infrastructure millions of Australians use every day, the direction is clear even as the detail continues to be worked through.