ASIC today welcomed the first traditional authorised deposit-taking institution (ADI) to subscribe to the new ePayments Code.
Select Credit Union Pty Ltd has signed up to the code.
This follows PayPal Australia which has agreed to sign up to the revised code by the end of the transition period which is 20 March 2013 (refer 11-205MR).
ASIC welcomes Select Credit Union’s subscription and expects it to be joined by banks, other credit unions and building societies as well as new electronic payment providers like PayPal.
The ePayments Code provides key consumer protections in cases of fraud and unauthorised transactions and plays an important role in the regulation of electronic payment facilities in Australia.