The Australian Competition and Consumer Commission (ACCC) has revoked previous authorizations A91473 and A91474, substituting them with a new authorization, AA1000678. This new authorization allows the Australian Payments Network Limited (AusPayNet) to implement suspension and termination provisions within the Bulk Electronic Clearing System (BECS) Regulations.

BECS is designed to manage the exchange and settlement of bulk electronic low-value transactions. The BECS Regulations outline various aspects of corporate governance for the system, including membership criteria, suspension and termination provisions, as well as settlement and dispute resolution processes. However, the current application specifically focuses on the suspension and termination provisions.

The ACCC has granted this new authorization for a duration of 10 years, which will remain in effect until 29 August 2034. This decision is expected to enhance the governance and operational efficiency of the BECS.

For further details regarding the application, the draft determination, and the final determination, interested parties can refer to the ACCC’s public register.