ASIC has today published the updated ePayments Code (the Code) to provide enhancements to and clarity on a number of existing protections for consumers.
In addition to extending the Code to cover payments made using the New Payments Platform, ASIC has also updated the following areas of the Code:
- compliance monitoring and data collection;
- mistaken internet payments;
- unauthorised transactions;
- complaints handling; and
- facility expiry dates.
The changes strengthen the Code’s protections by removing ambiguity and, where appropriate, expanding protections.
“The ePayments Code plays an important role in reinforcing consumers’ confidence and trust in making electronic payments. These updates will ensure the Code remains relevant now and for the foreseeable future” said Commissioner Sean Hughes.
ASIC is responsible for administering the Code, including reviewing it. ASIC’s most recent review culminated in Report 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation (REP 718).
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Background
The ePayments Code provides important consumer protections in relation to electronic payments, including ATM, EFTPOS, credit and debit card transactions, online payments, and internet and mobile banking. The Code also sets out a process for customers to get help from their financial institution in retrieving funds they have mistakenly paid to the wrong person.
Subscription to the Code is voluntary. Most banks, credit unions and building societies in Australia, as well as a small number of other providers of electronic payment services, subscribe to the Code.