The Australian Competition and Consumer Commission has granted the Australian Payments Clearing Association (APCA) interim authorisation to continue operating certain provisions of its High Value Clearing System (HVCS) Regulations and Procedures.

 

APCA co-ordinates and manages effective payments clearing and settlement systems including the HVCS. The HVCS provides a framework within which financial institutions involved in high volume transactions can electronically exchange high value payments.

 

The interim authorisation has been granted in regards to the suspension and termination of HVCS membership and the requirement that members use the SWIFT payment delivery system in clearing and settling payments. The SWIFT payment delivery system is a centralised payment delivery mechanism which enables members to send and receive payments from all other members using the SWIFT payment delivery system.

 

"The continued operation of the HVCS is likely to result in net benefits to the members of the HVCS by allowing the system to continue to operate as is until the ACCC makes a final determination," ACCC chairman Rod Sims said.

 

The ACCC considered that these provisions have not changed substantially since the last authorisation. The HVCS Regulations and Procedures were previously authorised by the ACCC in 1998 and 2007.

 

Interim authorisation commences immediately, and will remain in place until the date that the ACCC's final determination comes into effect or is revoked.

 

The ACCC completed its consultation with interested parties on the substantive application on 16 December 2011. The ACCC will now proceed to prepare its draft determination.

 

Further information, including the application and public submissions, can be found on the ACCC's public register at www.accc.gov.au/AuthorisationsRegister.