The Payments System Board of the Reserve Bank of Australia (RBA) has recommended changes to the Access Regimes applying to the designated MasterCard and Visa systems in the country.
The RBA has decided to remove the existing specialist credit card institution (SCCI) framework, administered by the Australian Prudential Regulation Authority (APRA).
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RBA’s latest decision comes after two public consultations launched in 2013.
According to RBA, changes in the industry structure, along with the ownership of the card systems have now resulted in the original Access Regimes unduly restricting access.
Meanwhile, the proposed framework will also allow the card systems to expand membership beyond existing participants.
RBA expects the variations to become effective in late 2014.
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