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,
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.