The Australian Competition and Consumer Commission is proposing to grant conditional approval to Australian Payments Network and members of the Australian Paper Clearing System to coordinate efforts that support the government's planned wind-down of Australia's cheque system, according to a Wednesday statement by the regulator.
The authorization would permit AusPayNet and relevant stakeholders to enter into agreements and engage in discussions with each other and third parties to transition away from the cheque system.
Australian Payments Network members include ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Westpac Banking (ASX:WBC, NZE:WBC), Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), Bendigo and Adelaide Bank (ASX:BEN), Bank of Queensland (ASX:BOQ), Judo Capital Holdings (ASX:JDO), Macquarie Group (ASX:MQG), MyState (ASX:MYS), Coles Group (ASX:COL) and Woolworths Group (ASX:WOW).
Submissions on the draft determination are due by May 23, before a final decision is made.
Shares of Macquarie Group gained 1%, while National Australia Bank and MyState rose by more than 1%. In contrast, Judo Capital Holdings saw a decline of over 1% in recent Thursday trade.
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