Highlights

  • The RBA identifies payment system resilience as one of its three strategic priorities.
  • Growing reliance on shared technology providers creates potential risks across financial institutions.
  • Cybersecurity threats and geopolitical uncertainty are increasing the importance of coordinated risk management.
  • The central bank is working with industry to strengthen payment continuity during infrastructure disruptions.

The Reserve Bank of Australia has placed payment system resilience at the centre of its regulatory priorities, highlighting the growing importance of cybersecurity and reliable financial infrastructure. Speaking at the AFIA Conference in Sydney on 20 October 2026, Ellis Connolly, Head of Payments Policy Department, outlined how rising digital dependence and interconnected financial systems are changing the risks facing Australia's payments industry.

Why Payment Infrastructure Resilience Matters

Australia's financial system increasingly depends on digital infrastructure to process transactions between consumers, businesses and financial institutions.

Connolly identified maintaining a resilient payment system as a leading strategic priority for the RBA. The central bank is particularly focused on ensuring that essential payment services remain functional when operational disruptions occur.

Payment outages can prevent consumers from completing purchases, businesses from receiving payments and employers from transferring wages.

Such disruptions can also affect public confidence in the broader financial system.

The RBA's oversight responsibilities include important financial market infrastructure, including ASX clearing and settlement systems, the New Payments Platform and the central bank's own real-time gross settlement infrastructure.

Third-Party Technology Dependencies Create Additional Risks

Financial institutions increasingly rely on external technology providers for important operational functions.

While outsourcing can support efficiency, shared infrastructure can also create concentration risks.

A disruption affecting one major service provider may have consequences for several payment institutions simultaneously.

Connolly warned that interconnected systems can leave participants exposed to vulnerabilities elsewhere in the network.

The central bank is therefore encouraging financial institutions to consider risks extending beyond their individual organisations.

Cybersecurity Requires Industry-Wide Coordination

Cyber threats represent another important challenge for financial infrastructure.

Connolly highlighted growing geopolitical uncertainty and the expanding range of potential cyberattack targets.

He also explained that developments in artificial intelligence are reducing the time available for organisations to address cybersecurity vulnerabilities.

These conditions strengthen the case for cooperation between financial institutions, technology providers and government agencies.

Sharing threat intelligence and identifying common infrastructure weaknesses are becoming increasingly important elements of operational preparedness.

What Comes Next for Payment System Security?

The RBA is working with industry participants to improve resilience during outages and other operational challenges.

Attention will remain focused on cybersecurity preparedness, shared infrastructure dependencies and the availability of alternative payment methods.

The broader objective is to maintain confidence in Australia's financial system while supporting continued digital innovation.