media release (23-144MR)

ePayments Code subscribers to comply with updated Code from today


The updated ePayments Code takes effect from today. This follows a 12-month transition period to allow subscribers time to get ready for, and ensure compliance with, changes providing clarity on a number of existing protections for consumers (see 22-215MR).

Subscribers to the code include most banks and credit unions in Australia, as well as a small number of other providers of electronic payment services.

‘The ePayments Code sets out important details about the relationship between the consumer and their bank or credit union,’ said ASIC Commissioner Danielle Press. ‘It forms the basis of important consumer protections related to everyday banking and payments transactions.’

Updates to the Code relate to:

  • extending the Code to payments made using the New Payments Platform,
  • compliance monitoring and data collection,
  • mistaken internet payments,
  • unauthorised transactions,
  • complaints handling, and
  • facility expiry dates.

‘The changes to the Code strengthen it by removing ambiguity and enhancing some existing consumer protections’ concluded Ms Press.


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.

ASIC is responsible for administering the Code, including reviewing it. The response to ASIC’s most recent review was outlined in Report 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation (see 22-041MR).

More information

Media enquiries: Contact ASIC Media Unit