Reserve Bank of Australia Governor Bullock: Comprehensive reform of the payment system to strengthen cross-border payments and security resilience

ChainCatcher news, according to Bloomberg, Reserve Bank of Australia (RBA) Governor Michele Bullock delivered a speech outlining four key priorities to modernize the national payment system, emphasizing that innovation and security should go hand in hand.

Bullock stated that the top priority is to upgrade Australia's interbank payment infrastructure, gradually replacing the aging Bulk Electronic Clearing System (BECS), and to launch an implementation plan by mid-2026 to achieve real-time, 24/7 payments with enhanced data support. Secondly, the RBA is working with the industry to improve the efficiency of cross-border payments, reduce costs, and enhance transparency. Third, the central bank will continue to invest in fraud prevention and quantum-safe encryption upgrades, preparing to migrate the card system to the "quantum-safe protocol" AES standard. Finally, the RBA will strengthen operational resilience of the system to ensure the stability of the payment network amid the development of digital currencies and central bank digital currencies (CBDC).

Bullock added that despite the widespread adoption of digital payments, the RBA remains committed to maintaining cash circulation and is working with major banks and regulatory agencies to explore new cash distribution models to ensure long-term sustainability.