The Reserve Bank of Australia (RBA) has announced the establishment of the Australian Payments Council, a new coordination body for the Australian payments industry.

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Christine McLoughlin has been appointed as the inaugural independent non-executive chairperson of the council.

The new coordination body has been established with the support of the Australian Payments Clearing Association (APCA) and RBA following close consultation with payments industry stakeholders.

The payments council will foster the ongoing development of the Australian payments system to ensure it continues to meet the changing needs of Australian businesses and consumers with innovative, secure and competitive payment services.

McLoughlin will lead a council of members comprising senior executives drawn from a broad community of payments organisations including financial institutions, card schemes, major retailers and other payment service providers as well as APCA and the RBA.

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RBA stated that wider stakeholder views will be sought through the broad Payments Community, which will inform council deliberations. Membership to the Payments Community is open to any organisation with a significant interest in the Australian payments system.

McLoughlin will also serve as independent chairman of the Payments Community.

The initial member organisations drawn from the Payments Community to form the Payments Council are: ANZ, APCA, Commonwealth Bank, Cuscal, eftpos Payments, First Data, National Australia Bank, PayPal, RBA, Suncorp-Metway, Visa, Westpac and Woolworths.

The Australian Payments Council will hold its first formal meeting in October 2014.