Review of the ePayments Code

In July 2021, we responded to the Australian Security and Investment Commission’s (ASIC) consultation paper 341 Review of the ePayments Code: Further Consultation.

This is the second of two papers forming part of ASIC’s review to ensure the continued relevance and effectiveness of the ePayments Code (the Code).

AusPayNet’s submission focused on providing more detail around those areas where the industry consensus indicates a need for further discussion and consideration. The submission:

• Seeks further clarity about the proposed extension of the mistaken internet payments framework;
• Highlights that more clarity and discussion is required in relation to extending the Code to small business;
• Supports clarifying the unauthorised transaction provisions of the Code as proposed, particularly the proposal to clarify the definition of an “unauthorised transaction”;
• Supports taking steps to modernise the Code but recommends further industry consideration of how to ensure technological neutrality and relevance of the Code in the future.

AusPayNet welcomes the opportunity to engage further with ASIC on the issues raised in its submission, as well as broader issues related to the ePayments Code Review.

AusPayNet’s submission is available below.