The Australian Competition and Consumer Commission (ACCC) has announced its intention to revoke the existing authorization AA1000495 and replace it with a new authorization, AA1000697. This change will allow the Australian Payments Network Limited (AusPayNet) and its current and future members of the Issuers and Acquirers Community (IAC) Framework to continue implementing certification, suspension, and termination provisions as outlined in the IAC Framework regulations.

The IAC Framework serves as a critical payment clearing and settlement system, establishing minimum standards for the conduct and settlement procedures of transactions conducted between banks via ATM and card payment networks, including major players like Visa, Mastercard, American Express, and eftpos.

Within the IAC regulations, there are various provisions that govern the corporate structure of the system, including criteria for membership, as well as rules for suspension, termination, settlement, and dispute resolution. However, the current application focuses solely on the certification, suspension, and termination provisions.

The ACCC is proposing to grant this new authorization for a period of five years. As part of the process, the ACCC is inviting submissions regarding the draft determination, with a deadline set for August 29, 2025. Additional details about the application, the draft determination, and submission procedures can be found on the ACCC’s public register.