21 February 2022
Australian Payments Network (AusPayNet), the payments industry self-regulatory body, today welcomes Paypa Plane as its inaugural Payment Services Provider (PSP) member.
The new membership category is aligned with the Treasury Review (accepted) recommendation to set up a tiered licensing framework for PSPs.
“The payments industry continues to expand beyond its traditional participants and operators. AusPayNet recognises it is essential for these organisations to be represented in our membership,” said Andy White, Chief Executive Officer at AusPayNet.
“By creating the new Payment Services Provider membership category, we ensure that we are representing the needs of the industry, enabling innovation, competition and choice, and allowing new participants to actively participate and shape payments self-regulation,” Mr White said.
Paypa Plane, a bank-grade platform where traditional scheduled payments and digital, data-rich and real-time payments work together, joins AusPayNet as the first PSP member.
“We are delighted to be accepted as the inaugural Payment Service Provider member of AusPayNet,” said Simone Joyce, CEO/Founder at Paypa Plane and Chairperson of FinTech Australia.
“We see this new member category as a critical step in ensuring that the future payment ecosystem in Australia is supported by the industry’s self-regulator.”
In addition to the introduction of a new membership category, at its recent AGM, AusPayNet Members unanimously determined to ensure that all AusPayNet Members are represented on the Board. This includes the new PSP membership type.
“We will continue to adapt our governance model so that it is fit for future and inclusive of all participants in the payments system,” Mr White explained.
AusPayNet will this year celebrate its 30th year as the industry self-regulatory body. The group’s membership now stands at 146, with further growth expected in line with the newly created PSP category. See the full list of member organisations here.