The new ePayments Code abandons scam protections. Photo: Shutterstock
New guidelines for the processing of electronic financial transactions will improve consumer protections and remove the “ambiguity” of previous versions, ASIC argues – although some have questioned the new ePayments Code’s abandonment of scam protections.
Published this month after an extensive consultation period, the new revision of ASIC’s ePayments Code marks the second major update since the voluntary code was first introduced in 2011.
The code lays down a set of standard practices around the delivery of electronic payments such as Internet and mobile banking, online payments, EFTPOS and credit card transactions, BPAY and ATM transactions – and, in the new version, payments made using the New Payments Platform (NPP) that has enabled instant money transfers through services like PayID.
Designed to protect consumers that deal with a subscriber to the code – a list that includes most Australian financial institutions – it lays down guidance such as requiring companies to give consumers “clear and unambiguous terms and conditions” for their financial products.
“The ePayments Code plays an important role in reinforcing consumers’ confidence and trust in making electronic payments,” said ASIC commissioner Sean Hughes. “These updates will ensure the code remains relevant now and for the foreseeable future.”
The code also lays down rules for the way changes…
