BECS Transition Update

May 2025

Pillar 1: Collaborate with the industry

AusPayNet is collaborating with industry participants and regulators on their initiatives to facilitate the migration away from the BECS Framework. An update on industry initiatives is provided below:

#	Initiative	Update
1	RBA’s Risk Assessment into the proposed decommissioning of BECS	The RBA released its Risk Assessment report into the proposed decommissioning of BECS on 11 March. Following the release, AusPayNet and AP+ have worked collaboratively on assigning responsibilities and developing a workplan to address the 20 recommendations in the report. Key recommendations relating to the vision, centralised governance and coordination, stakeholder information capture and consideration, and industry planning have shared responsibilities between AusPayNet and AP+. AusPayNet has direct responsibility for the assessment of a comprehensive set of options for achieving the vision, articulating the current issues with BECS, and BECS related operational resilience and contingency arrangements. AP+ has direct responsibility for NPP’s bulk capability, resiliency and contingency framework, economic transition, access and account reachability. With work underway on these recommendations, the RBA is formalising its process for oversight of the progress made by the industry on a regular basis. The RBA is expected to provide further details on its proposed oversight process later this month.
2	Treasury’s BECS Transition Consultation with End-Users & Financial Institutions	Treasury also released the findings of their consultation to consulted parties in March. These findings mostly align to the RBA recommendations.
3	AP+’s Move to NPP Program	For the latest updates on this program, click here. AP+ held the first meeting of its Move to NPP Steering Committee on 10 April. AusPayNet attended this meeting as an Observer and will continue to attend in this capacity moving forward.

Initiative

Update

RBA’s Risk Assessment into the proposed decommissioning of BECS

The RBA released its Risk Assessment report into the proposed decommissioning of BECS on 11 March.

Following the release, AusPayNet and AP+ have worked collaboratively on assigning responsibilities and developing a workplan to address the 20 recommendations in the report.

Key recommendations relating to the vision, centralised governance and coordination, stakeholder information capture and consideration, and industry planning have shared responsibilities between AusPayNet and AP+.

AusPayNet has direct responsibility for the assessment of a comprehensive set of options for achieving the vision, articulating the current issues with BECS, and BECS related operational resilience and contingency arrangements.

AP+ has direct responsibility for NPP’s bulk capability, resiliency and contingency framework, economic transition, access and account reachability.

With work underway on these recommendations, the RBA is formalising its process for oversight of the progress made by the industry on a regular basis. The RBA is expected to provide further details on its proposed oversight process later this month.

Treasury’s BECS Transition Consultation with End-Users & Financial Institutions

Treasury also released the findings of their consultation to consulted parties in March. These findings mostly align to the RBA recommendations.

AP+’s Move to NPP Program

For the latest updates on this program, click here.

AP+ held the first meeting of its Move to NPP Steering Committee on 10 April. AusPayNet attended this meeting as an Observer and will continue to attend in this capacity moving forward.

Pillar 2: Control the future of the framework

The BECS Framework has a target end-date of June 2030. This is subject to industry making progress on key dimensions including viability of BECS alternatives, member readiness to transition, end-user adoption, and on ensuring that recommendations of the RBA’s Risk Assessment are properly addressed. At this stage, the target end-date of June 2030 remains unchanged.

Based on the RBA’s Risk Assessment recommendations, work is underway between AusPayNet, AP+ and their members and stakeholders, including end-users, on the vision, options, and implementation path for delivering the future of the account-to-account payments system in Australia.

Pillar 3: Coordinate the migration

On 1 May, the ACCC granted AusPayNet and AP+ interim authorisation to start preparatory work to develop a common industry vision regarding the future of account-to-account payments.

The interim authorisation applies to AusPayNet, AP+, members of BECS (87 banks and fintechs), members of the New Payments Platform (NPP), and other businesses involved in account-to-account payments. It enables these organisations to establish processes, gather information, commence planning and conduct other preparatory work.

The work undertaken in this interim phase will support a series of strategic roundtables later this year between AusPayNet, AP+, the RBA and the Commonwealth Treasury. These sessions will help shape a shared vision for the future of account-to-account payments in Australia and define high-level deliverables and milestones for achieving that vision, including clear prioritisation and sequencing.

The roundtables will ensure that members of BECS and the NPP, operators of alternative payments systems to BECS, and key end-user groups are appropriately engaged through the process. The roundtables are intended to take place in the second half of 2025, subject to the ACCC’s final determination.

Pillar 4: Consider end-user perspectives

The RBA’s Risk Assessment has highlighted the importance of end-user engagement and AusPayNet is committed to ensuring that end-user perspectives are appropriately considered throughout the BECS Transition. AusPayNet’s primary channel remains our BECS Members who engage with their customers, supported by direct engagement with AusPayNet’s Stakeholder Advisory Council which has representatives from government and end-user interest groups.

AusPayNet is working with AP+ on developing appropriate end-user engagement mechanisms to incorporate end-user perspectives into the vision for the future of account-to-account payments.

Pillar 5: Communicate with members and stakeholders

AusPayNet is working with AP+ on the appropriate engagement approach for common members (i.e. BECS Members who are also participants of NPP) to avoid duplication in information gathering and communication. As a result, the second BECS Transition Member Information Request is currently on hold. AusPayNet will however continue to meet bilaterally with our members as part of our ongoing member engagement, to discuss our members’ transition readiness plans and any concerns.

AusPayNet’s regular engagement meetings continue with the RBA, Treasury and providers of modern alternatives to BECS.

The next update on the BECS Transition Program will be published in June 2025.