Australia's Central Bank Governor Bullock: Will comprehensively reform the payment system, strengthen cross-border payments and security resilience.

According to Mars Finance, the President of the Reserve Bank of Australia (RBA) Michele Bullock delivered a speech, proposing four major priorities to modernize the country's payment system, emphasizing that innovation and security can go hand in hand. Bullock stated that the top priority is to upgrade Australia's inter-account payment infrastructure, gradually replacing the aging Bulk Electronic Clearing System (BECS), and to launch the implementation plan by mid-2026 to achieve real-time, 24/7 payments with rich data support. Secondly, the RBA is collaborating with the industry to enhance the efficiency of cross-border payments, reduce costs, and increase transparency. Thirdly, the central bank will continue to invest in fraud prevention and quantum security encryption upgrades, preparing to migrate card systems to the quantum-safe protocol AES standard. Finally, the RBA will strengthen system operational resilience to ensure that the payment network remains stable under the development of digital money and Central Bank Digital Currencies (CBDC). Bullock added that despite the widespread adoption of digital payments, the RBA remains committed to maintaining cash circulation and is working with major banks and regulatory bodies to study new cash distribution models to ensure long-term sustainability.