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Australian Payments Clearing Association In Stock Futures Funds Directory

 

APCA is a public company owned by the banks, building societies and credit unions. It has been in existence since February 1992 and has specific accountability for key parts of the Australian payments system, particularly payments clearing operations. APCA co-ordinates, manages and ensures the implementation and operation of effective payments clearing and settlement systems, policies and procedures. It is currently responsible for establishing and managing five payments clearing systems. Clearing systems provide a single, clear body of rules and decision-making structures governing the conduct of clearing and settling. These are described below. APCA does not process payments. Individual institutions participating in each clearing system are responsible for their own clearing operations which they must conduct according to APCAs rules. Clearing system management involves a participatory approach. The members of each clearing system appoint a committee of management with delegated powers and responsibilities. System members participate in annual meetings which provide a forum for discussion on all matters relating to the operations and management of the relevant system. The companys reporting and decision-making structure ensures a high degree of co-ordination in managing and developing Australias payments clearing arrangements. Membership criteria, and conditions of access and participation, are open to scrutiny and can be changed as circumstances change. Trade practices authorisation has been granted for the activities of APCA and its existing clearing systems on public benefits grounds. APCAs charter allows it be responsive to developments in payments services. It is not restricted to regulating clearing and settlement of prevailing payments services and can adapt to the development of new payments systems by altering the classification and structure of its existing clearing systems or creating new clearing systems as the need arises.

 

Website: http://www.apca.com.au/