ASIC releases updated ePayments Code

  • By Zilla Efrat

The Australian Securities and Investments Commission (ASIC) has updated the ePayments Code to improve and clarify some of its existing protections for consumers.

In addition to extending the code to cover payments made using the New Payments Platform, ASIC has also enhanced several areas of the code. These areas include compliance monitoring and data collection; mistaken internet payments; unauthorised transactions; complaints handling; and facility expiry dates.

According to ASIC, the changes strengthen the code’s protections by removing ambiguity and, where appropriate, expanding protections.

The ePayments Code provides consumer protections for electronic payments, including ATM, EFTPOS, credit and debit card transactions, online payments, and internet and mobile banking.

It also sets out a process for customers to get help from their financial institutions in retrieving funds they have mistakenly paid to the wrong person.

“The ePayments Code plays an important role in reinforcing consumers’ confidence and trust in making electronic payments,” says ASIC Commissioner Sean Hughes.

“These updates will ensure the code remains relevant now and for the foreseeable future.”

ASIC is responsible for administering the code, including reviewing it.

ASIC’s most recent review culminated in Report 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation (REP 718).

Subscription to the code is voluntary. Most banks, credit unions and building societies in Australia, as well as a small number of other providers of electronic payment services, subscribe to it.