Opt-Out Joint Account Data Sharing Model
26 May 2021
Whilst the ABA supports the principle of a simple CDR, we question the ability to develop a ‘one-size-fits-all-sectors’ approach to joint accounts. The ABA supports retaining the current opt-in approach. The proposed opt-out approach is not supported on the basis that it undermines the foundational principle of the CDR, which is informed consent. We are of the view that it is not feasible to nominate an industry preferred option at this point.
Download PDFInquiry into mobile payment and digital wallet financial services
25 May 2021
While existing inquiries or reform initiatives touch on these policy issues, the issues are not confined to any single legislative framework or the responsibility of any single agency. They need a holistic assessment of potential policy solutions and their impact on consumers and the economy as a whole. A siloed approach may fail to consider the impact of specific recommendations or reforms on the Government’s policy to foster Australia’s digital economy and retain digital talent. As such, the ABA recommends robust coordination on policy and implementation that sees the oversight of mobile payment and digital wallet as a key plank of Australia’s digital economy.
Download PDFModernising Business Communications
3 March 2021
The ABA welcomes the Government’s establishment of the Deregulation Taskforce (Taskforce). The proposed reforms to modernise business communications have the potential to reduce business costs and reflect the way Australian consumers and businesses prefer to manage their financial affairs today. The ABA particularly welcomes the Taskforce’s whole-of-economy approach by working to improve technology neutrality across Commonwealth laws, and importantly - partnering with states and territories to explore opportunities to achieve national consistency.
Download PDFSubmission to the Payments System Review
29 January 2021
The ABA strongly supports continuing the self-regulatory arrangements within our regulatory architecture. The payments regulatory architecture should support innovation, as well as ensure the stability, and security of an expanded payments ecosystem. Innovation in payments should be considered through the lens of consumer and business end-users. These users rightly expect that when they make a payment, whether this is done through traditional channels or via a new app, their payments will be made in a timely, safe and secure way and their data will be secure.
Download PDFCorporations Amendment (Virtual Meetings and Electronic Communications) Bill 2020
30 October 2020
We strongly welcome the Government’s proposal to make the electronic execution of company documents and virtual meetings reforms permanent for the benefit and convenience of customers and to improve efficiencies in the processing of critical documents. The ABA considers: • Deeds should be able to be created and signed electronically by companies and individuals. • Electronic signatures rather than wet signatures should be able to be used for a broader range of legal and business documents. • Remote witnessing should be legally valid.
Download PDFProtecting Critical Infrastructure and Systems of National Significance
16 October 2020
The ABA strongly supports the Government’s desire to build on rather than duplicate existing regulation. A harmonised approach is critical to the implementation of these reforms in the banking industry. A single regulator having a clear mandate and a transparent system in place for regulatory co-ordination for banks - a model that may be relevant for other parts of the banking and financial services sector and other sectors.
Download PDFModel Participation Rules – ARNECC Consultation Draft Version 6
2 March 2020
The proposed amendments to the MPR are significant and the ABA is strongly opposed to Draft Version 6 of the MPR in their current form. The ABA is not aware of any instance of identity fraud in the electronic e-conveyancing system that would warrant such significant and costly changes.
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