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We are living in one of the most exciting times in the payment space. It would have been hard for ma...

<p><span>ASIC has today published a report,&nbsp;</span><a data-anchor="#" title="REP 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation" href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-718-response-to-submissions-on-cp-341-review-of-the-epayments-code-further-consultation/">Report 718: Response to submissions on CP 341 Review of the ePayments Code: Further consultation (REP 718)</a><span>, on updates to the ePayments Code (the Code).</span></p>

ePayments Code to cover small business ePayments Code to cover small business 24 May 2021 6:16AM The ePayments Code may be extended to small business and will be brought up to date to include coverage of NPP payments. These are among proposals included in a consultation paper issued by ASIC on Friday detailing the results of a review of the code. Other proposals include removing the requirement that code subscribers report to ASIC annually, while giving ASIC additional monitoring functions. ADIs would be required to provide additional on-screen warnings about mistaken internet payments. And i...

complaints handling. The review also considers options for modernising the Code, to reflect changes in the field of electronic payments since the Code’s last review. The consultation paper is designed to assist ASIC to form its final positions on updates to the Code. ASIC welcomes submissions on CP 341 from all interested parties. Submissions are due by Friday 2 July 2021. Next steps After receiving submissions on the consultation paper, ASIC will consider stakeholder feedback and issue a report outlining final positions. ASIC will also publish a draft updated Code for stakeholder feedback ...

By Kate Weber on May 21, 2021 1:08PM Looks to make code mandatory, define biometric authentication. The Australian Securities and Investments Commission (ASIC) today released a consultation paper requesting feedback on planned updates to the ePayments Code. The regulator is looking to update the ten-year-old code to ensure it remains effective within the growing and evolving payment landscape. Formerly known as the Electronic Funds Transfer Code of Conduct (EFT Code), the ePayment Code helps regulate electronic payments services in Australia. This is ...