Australians may soon attach a PDF or hyperlink to a payment



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Australian bank customers may soon be able to attach a PDF or hyperlink to a payment, with the Reserve Bank of Australia (RBA) reporting that work is underway for such a feature.

“The Australian banking industry is developing a service that allows large payers, such as businesses or government entities, to send an electronic payment including a secure hyperlink to a PDF document,” he said.

“Providing this functionality is part of a growing global trend to improve the efficiency and reduce the costs of payment services by improving the quantity and quality of data that can be transferred with a payment. “

The remarks were made in a brief [PDF] the RBA presented to a Senate committee reviewing the adequacy and effectiveness of Australia’s anti-money laundering and terrorist financing (AML / CTF) regime.

He raised the payment functionality while discussing the possibility of whitelisting certain trusted payment entities.

“Some of these initiatives, such as the adoption of the ISO 20022 standard for payment message formats, provide structured remittance data that enables systems to more easily and quickly detect financial crime compliance,” said the RBA.

Explaining how the feature works, the RBA said that organizational payers who sign up for the “payment with document” service could potentially include a link to a document when sending a payment. A payee would see the payment in their online banking channel and could click that link, which RBA said would provide secure and authenticated access to the PDF document associated with that particular payment.

He said the documents would be held by accredited document hosting providers.

“For example, if an Australian government agency used this service, myGov could store the documents and an authenticated link would provide direct access to the document on myGov,” the RBA said.

According to the RBA, the document payment service would provide benefits to both payers and recipients.

“This would be particularly useful for a payer who sends a high volume of correspondence to recipients detailing information about their payments. There is often a time lag between receiving payment and receiving associated correspondence – this generates a high number of calls to customer call centers, which is costly and inefficient to manage, ”said the RBA.

“A ‘payment with document’ service would also be valuable for payees, who could quickly and easily access correspondence directly from their banking app or online banking service to understand what the payment was for.”

The Reserve Bank said that providing detailed information with the financial transaction through electronic banking channels makes this information available for review by financial institutions as part of their AML / CFT regulatory obligations.

But, they will need to be able to filter all the documents related to a payment in order to meet those obligations, and the RBA has said that this solution does not appeal to all players.

One possible solution, he said, would be to maintain a whitelist of trusted paying entities that relieves financial institutions of the obligation to filter payment-related documents from those trusted entities.

“Our understanding is that financial institutions would welcome such a whitelist, as the cost and effort involved in controlling all related payment documents would be difficult,” the RBA wrote.

This would mean that correspondence sent with a payment by trusted entities, such as an Australian government agency, would remain private to the recipient of the payment, and banks would be allowed to access the document only for the purpose of providing technical support services. to the account holder and only with the agreement of the account holder.

A formal governance framework would need to be developed for this to happen, and the RBA proposed Austrac could be the authority on the program.

The Committee on Legal and Constitutional Affairs launched an investigation in June which aims, among other things, to determine the effectiveness of the Anti-Money Laundering and the Financing of Terrorism Act 2006 to prevent money laundering outside the banking sector, Australia’s attractiveness as a destination for the proceeds of foreign crime and corruption, and Austrac’s role in monitoring this activity.



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