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Australian Payments Network receives interim authorization for IAC dealings

( May 2, 2025, 03:04 GMT | Official Statement) -- MLex Summary: Australian Payments Network’s application for the replacement of its original authorization concerning the certification, suspension and termination provision of the Issuers and Acquirers Community Regulations and Code Set has been granted interim authorization. In a statement, the Australian Competition & Consumer Commission said that it had granted the interim authorization to enable the applicants to establish processes, gather the requisite information, commence planning and prepare for the proposed conduct. The other applications are members of the Bulk Electronic Clearing System Framework and the New Payments Platform Scheme. The IAC framework sets minimum standards for conduct and settlement procedures for transactions between banks carried across to ATM and card-payment networks, including Visa, Mastercard and American Express.The full statement by the Australian Competition & Consumer Commission follows: ...

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