Payments in a Global, Digital WorldTHE AUSTRALIAN PAYMENTS COUNCIL STRATEGIC AGENDA

ContentsMessage from the Chairman 3

Australian Payments in 2025 4

Summary of Initiatives: APC and Ongoing Industry Work 6

Focus Area 1: Systemic Resilience 8

Focus Area 2: Combatting Financial Crime 10

Focus Area 3: Financial Inclusion and Accessibility 12

Focus Area 4: Interoperability 14

Focus Area 5: Sustainable Innovation 16

Getting Involved 18

Concluding Material 19

ATM WITHDRAWALS HAVE

fallen by a third FROM 889 MILLION TO 605 MILLION.i

DOWN BY A THIRD

ATM withdrawals have fallen by a third in the past ten years,

from 889million to 605million.

2008 2018

889 Million

605 Million

THE USE OF CHEQUES HAS

fallen by 82%

OVER THE LAST 10 YEARS AND COULD REACH ZERO BY 2022:ii

152.5

-82%

CHEQUE

0152 - 635486565 - 4526589 -60045

DATE

ADDRESS / CITY / STATE / ZIP CODEFROM

AMOUNT

PURPOSE

IN JUNE 2019, APC RELEASED A

TrustID framework,

TO IMPROVE CUSTOMER CONVENIENCE AND ENHANCE THE PRIVACY AND SECURITY OF ONLINE

TRANSACTIONS.

2 /

PaymentsIS THE MOST IMPORTANT FINTECH CATEGORY BY ADOPTION RATE:iii

1. MONEY TRANSFER AND PAYMENTS 75%

2. INSURANCE 48%

3. SAVINGS AND INVESTMENTS 34%

4. BUDGETING AND FINANCIAL PLANNING 29%

5. BORROWING 27%

THE NPP HAS SEEN A

rapid rise in paymentsSINCE LAUNCH.iv

The NPP has seen a rapid rise in payments since launch, from 2.6million in March 2018 to 15.9million in March 2019.iv

March 2018 March 2019

2.6 Million

15.9 Million

For more than three years, the APC’s Australian Payments Plan has provided strategic direction for the payments community to ensure that the payments system continues to meet the evolving needs of all users. During this period of rapid change, the APC has progressed and finalised significant projects in a number of critical areas – the changing payments mix, digital identity and cyber-security, among others.

Our new strategic agenda builds on that work, and also represents a step change in our approach. Our world is increasingly globalised, digitalised and inter-connected; our lives are increasingly shaped by global platforms. Within this changing world, the payments system is rapidly becoming the point of integration for a range of services and products.

This changing context points us towards the need for a new direction in our strategic thinking. The new strategic agenda was prepared by the APC, and informed by input from a public consultation process, to ensure that the payments system continues to meet the changing requirements of the Australian economy and community.

ROBERT MILLINERChariman, Australian Payments Council

The Australian payments system is a foundational component of our financial sector, our economy and daily life. As such, engendering trust and confidence is critical.

The Australian Payments Council Strategic Agenda / 3

The 2015 Australian Payments Plan outlined a future in which digital payments would become integrated and, ultimately, embedded into our everyday lives.v In the three years since that original vision was laid out, this view has been borne out. The Australian payments system is increasingly a platform for innovation, supporting the digital economy.

As a cornerstone of our financial system, the payments system underpins all facets of economic activity. Individuals interact with the payments system on a daily basis and, as rapid adopters of mobile and digital technology, consumers expect the payments system will simply work, in any context, at any time. This is a fair expectation; an effective payments system must meet the needs of all users, encompassing rapid adoption of new technology as well as providing appropriate support for customers who are more comfortable with traditional methods.

The “always on” nature of the payments system is important for individuals and organisations. Further, the increasingly interconnected and digital nature of the payments system prompts us to look for strategic insight in areas outside of our traditional purview, to ensure continuous availability. This is because the resilience of the payments system is increasingly dependent on factors outside of the direct influence of the financial sector.

The clearest examples of these are the dependencies on the telecommunications and energy sectors. Reliance on these core infrastructures brings with it exposure to the same disruptions that impact these services, such as investment in new technology, as well as broader environmental factors.

Our industry is also affected by shifts in the global financial and economic centres of power. There are countervailing trends towards both globalisation and regionalisation of payments services. We have seen the emergence of social media platforms that operate at both the global and regional level, and a growing concentration of power around major technology hubs. Likewise, the growth of migration has heralded the emergence of global citizens, who are global consumers of payment products.

Moreover, a renewed focus on financial inclusion prompts us to consider our role in continuing to provide accessible and appropriate payment methods for all.

Our vision for the future encapsulates a payments system that continues to inspire trust and confidence and is able to meet the changing needs of the economy, in this dynamic global context.

Australian Payments in 2025

Our Vision

4 /

The FoundationsThe 2015 Australian Payments Plan outlined a vision of a payments system that is resilient, efficient, accessible and adaptable and in order to ensure that the payments system continues to meet these key characteristics, the APC has:

• Researched community attitudes towards the consumer led decline of cheques, and made recommendations to make appropriate alternatives available, prior to the removal of cheques.

• Coordinated 18 organisations, including the Digital Transformation Agency (DTA), to create an open and contestable framework to support interoperable digital identity services, that will enable individuals and businesses to interact conveniently and securely online.

• Led early strategic thinking on data-sharing by developing a set of high-level principles facilitating international learnings and holding an open data hackathon.

• Identified cyber-security requirements and worked closely with Government to consider how these requirements could be jointly met.

Towards Our Next Strategic AgendaFollowing our 2019 consultation, and based on community feedback, we are confident that this vision, based on the four key characteristics of Resilience, Efficiency, Accessibility and Adaptability should continue to animate our strategic agenda.

Our objective is to ensure that the Australian payments system continues to engender trust and confidence by exhibiting these key characteristics, notwithstanding the changing and increasingly fragmented landscape. Our strategic agenda builds on the work undertaken over the last three years, and outlines five key focus areas (see table below) to ensure we meet this objective.

Additionally, during the consultation, several meta-themes emerged. These included the impact of technology, such as 5G, the Internet of Things and artificial intelligence, as well as the continued decline of cash and the potential use of shared infrastructure. Developments in these areas will be taken into consideration as we progress our strategic agenda.

Areas for Strategic Consideration

The Australian Payments Council Strategic Agenda / 5

Characteristic Relevant Focus Areas

ResilienceSystemic Resilience

Combatting Financial Crime

Interoperability

Financial Inclusion and Accessibility

Sustainable Innovation

Efficiency

Accessibility

Adaptability

6 /

APC Focus Area

Area The APC will:

Systemic Resilience Ensure that we have a design for a resilient payments system and lead a programme of work for the continuous identification, management and reduction of risks to payments system resilience.

Combatting Financial Crime Develop a two-pronged approach to combatting financial crime: based on prevention and detection and customer protection.

Sustainable Innovation Ensure there are clear guidelines for innovation and auditable processes that allow a wide range of service providers to identify and appropriately manage risk.

Financial Inclusion and Accessibility

Develop guiding principles for financial inclusion and technology impact assessment guidelines.

Interoperability Deliver a vision and roadmap for increasing payments interoperability and reducing friction.

Other Work Affecting the Industry

Payment Rails Roadmap In parallel and informed by the APC’s work, AusPayNet is developing a roadmap for Australia’s payment clearing systems.

Card Not Present Fraud Developed by AusPayNet, the industry CNP Fraud Mitigation Framework defines an approach to reduce online card fraud in Australia.

RBA – RITS/ISO20022 Following SWIFT’s plans to cease ongoing support of some messages used for cross-border payments after November 2025, the APC and RBA are consulting to assist the industry in coming to agreement on key strategic decisions for an ISO20022 migration project.

Consumer Data Right The Australian Government’s CDR is progressing, with consumer data for mortgage accounts, credit and debit cards, and deposit and transaction accounts currently slated to be made available by 1 February 2020.

Summary of Initiatives: APC and Ongoing Industry Work

The Australian Payments Council Strategic Agenda / 7

In progressing this strategic agenda, the APC will undertake a sectoral assessment in the second half of 2019. This will create a comprehensive landscape of all relevant work underway within the industry. The assessment will form the basis for a payments system that continues to meet the four key characteristics. It will also set the starting points for our initial focus areas and ensure that the APC’s work complements, and does not duplicate, existing initiatives.

The assessment will:

• Identify current and future risks to systemic resilience, including interdependencies as well as recommend mitigants. It will look at factors both inside and outside the payments industry.

• To help combat financial crime, evaluate vulnerabilities in current and future payment journeys and identify behavioural patterns of customers that may make them more vulnerable to financial crime. Building on this, it will also audit current collaboration initiatives, both nationally and internationally.

• Provide an initial direction for financial inclusion and accessibility by examining the current levels and efficacy of existing disability, accessibility and useability guidelines for payment product and service design across all channels.

• Guide our work in interoperability by mapping current standards and global adoption, identifying market requirements and auditing global and vertical interoperability.

• Set a starting point for our consideration of sustainable innovation, to allow the APC to monitor and assess technological developments and determine whether further strategic collaboration is required.

Moving Forward

Focus Area 1: Systemic Resilience

Overview THE AVERAGE COST OF A DATA CENTER OUTAGE STEADILY

increased by 38% BETWEEN 2010 AND 2016.vi

As the payments system has become more digital, it has developed a complex network of inter-dependencies that go beyond the boundaries of individual institutions. Indeed, many dependencies fall outside the traditional regulatory perimeter of the payments sector – and into areas such as the telecommunications and energy sectors.

Alongside the growth in network complexity, consumer expectations have risen. Consumers expect that the payments system will be “always on”, work with a minimum of fuss and reliably support fast, digital payments.

Systemic resilience also has an environmental and social context. With the frequency of extreme weather events expected to increase, our industry faces the challenge to ensure availability in disaster-struck areas. Likewise, a single missed payment can significantly impact the livelihood of some individuals and businesses.

Resilience requirements have traditionally focused on individual entities and their suppliers. Given the simultaneous rise in network complexity, consumer expectations and exogenous dependencies, this is no longer sufficient. Instead, strategic consideration must be given to the resilience of the payments system as a whole.

The Australian payments system is world-leading in terms of innovation and the APC’s goal is to ensure the same for resilience.

IN 2018,

blackouts affected 1.1m people

IN AUSTRALIA AND NEW ZEALAND.viii

8 /

The average cost of a data center outage steadily increased by 38% between 2010 and 2016, from $USD505,502 to $740,357.vi

2010 $USD

505,502

2016

38%

�

$USD740,357

THE RBA IS WORKING WITH THE

INDUSTRY AND APRA ON A

standard set of operational performance

statistics.vii

The Australian Payments Council Strategic Agenda / 9

The APC will undertake a programme of work to ensure that we have a design for a resilient payments system, supported by the continuous identification, management and reduction of operational risks.

As part of the initial sectoral assessment, the APC will:

• Identify current and future operational risks

• Identify system interdependencies

• Recommend mitigants to the identified risks

• Identify the extent to which risks and mitigants lie within the influence of the payments industry

This will form the basis of a consultation with the full range of organisations involved in service provision, including the energy, telecommunications and technology sectors as well as domestic and global regulatory bodies. In turn, the consultation will lead to the development of a vision and roadmap.

The vision will set aspirational and achievable expectations for payments system resilience. The roadmap will identify appropriate mechanisms, including governance, to support this vision. This will include policy recommendations for payments regulatory authorities, including how they can influence and mitigate risks that exist at a cross-industry level.

Our Vision and Approach

10 /

Focus Area 2: Combatting Financial Crime

Overview

An effective payment system is one in which consumers know how to safely make payments, feel protected and know their options if something goes wrong.

Over the last generation, the payments industry has invested heavily in protecting customers from fraud. Key initiatives include the roll-out of chip technology, development of sophisticated fraud-detection systems, creation of public-private collaborative forums such as the Fraud in Banking Forum and Australian Financial Crimes Exchange (AFCX) and development of the CNP Fraud Mitigation Framework.

As the digitisation of our economy and payments system has progressed, providers have looked for new ways to integrate payments into the customer journey. The growing invisibility of payments has streamlined the customer experience, but also exposed security gaps. For example, we have seen a growing reliance on non-secure communication methods such as email, mobile applications and text messages. The increasingly interconnected nature of payments renders it less likely an individual organisation will have a complete view of the transactions it is party to.

These developments point towards the need for effective collaboration at the strategic level, to help better deliver customer outcomes on monitoring and prevention.

10 /

IN THE 12 MONTHS TO 30 JUNE 2018, TRANSACTIONS MADE ON AUSTRALIAN CARDS TOTALLED MORE THAN $767 BILLION – UP 5.1%. CARD FRAUD GREW AT A SLIGHTLY SLOWER RATE, INCREASING BY 4.8% TO $565 MILLION. ix

$489.7m combined financial losses

FROM SCAMS WERE REPORTED TO GOVERNMENT

AGENCIES.x

Financial crimes IMPACT GROUPS INCLUDING:

xi

5.1%

�

In the 12 months to 30 June 2018, transactions made on Australian cards totalled more than $767 billion – up 5.1%. Card fraud grew at a slightly slower rate, increasing by 4.8% to $565 million. ix

CREDIT CARD CREDIT CARD

�

$767 Billion

Total Card TRANSACTIONS

4.8%

�$565 Million

Total Card FRAUD

losing $24.8m

losing $8.7m losing

$3m

Older Australians

Indigenous Australians

Australians with a disability

or chronic illness

The Australian Payments Council Strategic Agenda / 11

The APC will develop recommendations for collaborative action to combat financial crime. The initial sectoral assessment will examine current and future payment journeys for weaknesses. This will inform a two-pronged approach to combatting financial crime: based on prevention and detection and customer protection.

To better prevent and detect financial crime, the APC will:

• Audit current national and international initiatives to identify any weaknesses

• Identify minimum in-house standards for financial institutions

• Distil best practice from other jurisdictions (for example, examine the benefit of shared KYC utilities)

• Research the role of personal data in facilitating financial crime

• Recommend collaborative action to prevent financial crime

To better protect customers from financial crime, the APC will:

• Identify behavioural patterns of customers that may lead to vulnerabilities to financial crime

• Create an ongoing awareness programme to educate customers about vulnerabilities

• Ensure there are appropriate mechanisms to protect customers from financial crime

Our Vision and Approach

12 /

Focus Area 3: Financial Inclusion and Accessibility

Overview

The Australian payments system touches everybody, everyday. Australians need access to appropriate payment options as a core component of their daily lives. As such, the accessibility of the payments system is a core characteristic of its effectiveness.

The trend towards digital payments opens up positive opportunities for payments system accessibility. For example, internet banking has improved accessibility by allowing customers to perform financial transactions from their home.

The last five years have seen a growth in diversity and competition within the payments industry. This is a positive trend, providing access to a range of payment options, devices and integrated customer experiences. As the process of diversification continues, there is a clear strategic role for the APC in working to ensure a consistent, coherent and best-practice standard of accessibility across all payment options.

The decline of traditional payment mechanisms poses a challenge to ensure that all users of the payments system retain consistent access to appropriate payment options. On current trends, cheques will vanish from the Australian payments landscape by 2022. Likewise, the use of cash as a payment method is continuing to decline. In response to similar trends, some international jurisdictions have responded with ad hoc mandates, requiring merchants to continue to accept cash.

12 /

Australians over 85 ARE THE FASTEST GROWING AGE COHORT,

INCREASING BY 125% SINCE 1998. xii

18% of Australians live with a disability THAT AFFECTS THEIR DAILY ACTIVITIES. xiii

Many Australians struggle with literacy

and numeracy

44% OF AUSTRALIANS HAVE A LOW LEVEL OF LITERACY, AND 55% HAVE A LOW LEVEL

OF NUMERACY. xiv

cA1B 23

X

THE AUSTRALIAN PAYMENTS SYSTEM MUST CONTINUE TO SUPPORT A WIDE VARIETY OF USERS:

cA1B 23

X

cA1B 23

X

The Australian Payments Council Strategic Agenda / 13

The APC will develop guiding principles for financial inclusion and technology impact assessment (TIA) guidelines.

The guiding principles will outline a consistent best-practice approach to accessibility. This will ensure that payment services are made available on a non-discriminatory, equitable and efficient basis and that all customers have access to payment services that engender trust and confidence. To develop the guiding principles, the APC will:

• As part of our initial sectoral assessment, examine the current levels and efficacy of existing disability, accessibility and useability guidelines for payment product and service design across all channels

• Consult with consumer groups and other relevant stakeholders to better understand and document consumer disability and accessibility needs

• Assess and recommend improvements to financial institution training and user guides

• Identify any required policy changes

• Make recommendations for the implementation and management of the pinciples.

Alongside the guiding principles, the APC will create TIA guidelines. Based on the guiding principles, the TIA guidelines will provide a practical tool to identify where the application of a particular technology or business model may lead to inequitable outcomes in the payments system.

Our Vision and Approach

14 /

Focus Area 4: Interoperability

Overview

Increasingly, payments services are called upon to operate seamlessly across platforms, and across borders.

Improved telecommunications technology, platforms and transportation have heralded a growth in global migration. As a vibrant, multicultural society, almost half of Australians have at least one parent born overseas, and many retain close personal and financial ties to other countries. 21% of the Australian population speaks a language other than English at home. Many individuals will move back and forward between countries across the course of their lives, and require payment services that support efficiency, choice and transparency.

Likewise, payments are becoming the point of integration for customer services. Social media and tech platforms boast global user bases that number in the billions.

The ISO20022 messaging standard has the potential to become the common language for payments. In line with the timeline established by SWIFT, the global banking sector will progressively adopt this standard over the next five years. This presents a significant opportunity to drive greater levels of interoperability across both borders and platforms.

Common data standards and APIs are also a significant enabler of interoperability. In assessing the landscape, the APC is confident that existing work will deliver a relevant foundation for wider interoperability requirements.

14 /

IN JUNE 2018,

88% of online consumers

IN AUSTRALIA USED SOCIAL MEDIA. xviii

Global remittances to low-and-middle income

countries grew FROM $470BN IN 2010 TO $689BN IN 2018.xix

Global platforms HAVE BECOME A SIGNIFICANT FORCE IN PAYMENTS.xx

Global remittances to low-and-middle income countries grew from $470bn in 2010 to $689bn in 2018. xix

2010

2018

$470 Billion

$689Billion

The Australian Payments Council Strategic Agenda / 15

Building on current foundational work, and at an appropriate point in time, the APC will deliver a vision and roadmap for increasing payments interoperability.

This vision and roadmap will be developed in consultation with national and international payment system regulators, standards bodies and industry associations, as well as corporate, public sector and retail payment system users to understand long term goals and system requirements.

The APC will:

• Map current standards and global adoption

• Identify market requirements and audit global and vertical interoperability

• Identify new requirements (eg. data dictionaries or the establishment of a global payments council) required to support interoperability demands

• Make recommendations for implementation and governance of new requirements to support domestic and global interoperability

Our Vision and Approach

16 /

Focus Area 5: Sustainable Innovation

Overview

Innovation is key to enabling competition and choice, it touches on all aspects of an effective payments system. Importantly, it underpins the development of new products and services that lead to improved customer outcomes.

The payments system is impacted by the network effect. This means that, as a product or service gains additional users, it simultaneously becomes more useful to existing users. As users adopt a payment method, it becomes increasingly viable for merchants to accept it. In turn, greater merchant acceptance will drive additional consumer take-up.

Given this, there is a strong imperative to ensure that the pace of technology and business model innovation does not outstrip regulation and compliance. In other words, to ensure that innovation is sustainable.

AusPayNet has already begun the work of enabling a wide range of participants in the payments value chain to take a more active role in addressing this challenge.

Given that AusPayNet is currently leading work within this area, the APC will continue to monitor and assess technological developments in innovation, to determine whether further strategic collaboration is required.

16 /

AUSTRALIA’S FINTECH ADOPTION RATE IS 58%, UP FROM 13% IN 2015. GLOBALLY THE FINTECH ADOPTION RATE IS 64%.xxi

PROPOSED START-DATE FOR THE CONSUMER DATA RIGHT

201513%

201958%

Fintech is a global industry, WITH MANY FINTECH

100 FIRMS BASED IN EMERGING MARKETS:xxii

30 IN ASIA 27 IN THE AMERICAS

23 IN EUROPE, THE MIDDLE-EAST AND AFRICA

12 IN THE UK

8 IN AUSTRALIA/NEW ZEALAND

February 2020

CDR

The Australian Payments Council Strategic Agenda / 17

The APC will ensure there are clear guidelines for innovation and auditable processes that allow a wide range of service providers to identify and appropriately manage risk.

The APC will ensure there are:

• Principles and guidelines for secure innovation

• Clear guidance regarding waivers and risk management expectations for products and services that follow non-standard processes

• Clear guidance regarding the management of liability (where applicable) for the deployment of waiver products

• Test tools and reference implementations to support safe introduction of new technology

• Appropriate certification mechanisms to “passport” products and services that meet the agreed innovation design principles and guidelines

• Ongoing governance for the guidelines and tools.

Our Vision and Approach

18 /

Getting Involved

This strategic agenda was developed by the APC through discussion with a wide range of stakeholders, including individuals and organisations from inside and outside of the payments community. During our 2019 consultation, we received input from 34 organisations including the telecommunications sector, payment services providers, the fintech community, disability and consumer advocates, as well as consultancy firms and payment schemes.

Australian Payments Council 2019• American Express• Australia and New Zealand Banking Group• Australian Payments Network• Commonwealth Bank of Australia• Cuscal• National Australia Bank• NPP Australia• Optus• Quest Payment Systems• Reserve Bank of Australia• Westpac Banking Corpora-tion• Woolworths Ltd

Feedback was also received from the following organisations:

• Australian Banking Association• AT Kearney• BeemIt• BPay• Customer Owned Banking Association• Deloitte• Digital Gap Initiative• Eftpos Australia• FinTech Australia• Fundraising Institute of Australia• G+D Mobile Security• Goldfinch Advisory• HSBC• Mastercard• Paydock• Payments People• Rambus• SWIFT• ThreatMetrix• UL Identity Management and Security• Visa• Volt Bank

Acknowledgements This document is a starting point for our vision and roadmap to ensure an effective payments system.

Over the next three years, the APC will progress the initiatives outlined in this document. This may involve additional consultation with relevant stakeholders. Where this occurs, we encourage all stakeholders and members of the community to get involved.

Membership to the Payments Community is open to any organisation with a significant interest in the Australian payments system. For further information on joining the Payments Community please contact the APC.

Next Steps

Concluding Material

• AFCX Australian Financial Crimes Exchange • APC Australian Payments Council• API Application Programming Interface • APRA Australian Prudential Regulation Authority • AusPayNet Australian Payments Network • CDR Consumer Data Right • CNP Card-Not-Present• DTA Digital Transformation Agency

• ISO International Organization for Standardization • NPP New Payments Platform • RBA Reserve Bank of Australia • RITS Reserve Bank Information and

Transfer System • SWIFT Society for Worldwide Interbank

Financial Telecommunications • TIA Technology Impact Assessment

Glossary

More information about this consultation, and our work, is available at: www.australianpaymentscouncil.com.au

Referencesi Reserve Bank of Australia, Payments Statistics

(accessed June 2019).ii Reserve Bank of Australia, Payments Statistics

(accessed June 2019).iii Ernst & Young, Global FinTech Adoption Index

(June 2019).iv Reserve Bank of Australia, Payments Statistics

(accessed June 2019).v Australian Payments Council, Australian Payments

Plan (December 2015).vi Ponemon Institute, Cost of Data Center Outages

(January 2016).vii Payments System Board, May 2019 Meeting

Update (May 2019).viii Eaton, Blackout Tracker Report (March 2019).ix Australian Payments Network, Fraud Statistics

July 2017 – June 2018 (December 2018).x Australian Competition and Consumer

Commission, Targeting Scams (May 2019).xi Australian Competition and Consumer

Commission, Targeting Scams (May 2019).xii Australian Bureau of Statistics, Australian

Demographic Statistics, June Quarter 2018 (December 2018).

xiii Australian Bureau of Statistics, Disability, Ageing and Carers (October 2016).

xiv Australian Bureau of Statistics, Programme for the International Assessment of Adult Competencies (February 2013).

xv International Organization for Migration, World Migration Report, (2018).

xvi Australian Human Rights Commission, Face the Facts: Cultural Diversity (Feb 2015).

xvii Australian Bureau of Statistics, Census Reveals a Fast Changing, Culturally Diverse Nation (June 2017).

xviii Sensis, Yellow Social Media Report, (June 2018).xix World Bank, Migration and Remittances (April

2019).xx Australian Payments Network, AT Kearney,

Towards an Internet of Payments – Global Platforms Redefining the Payments Landscape (December 2018).

xxi Ernst & Young, Global FinTech Adoption Index (June 2019).

xxii KPMG, FinTech 100: Leading Global Fintech Innovators (October 2018).

xxiii The Hon. Josh Frydenberg MP, Treasurer, Press Release: Consumer Data Right Rules, Standards and Timelines (December 2018).

References

The Australian Payments Council Strategic Agenda / 19