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ePayments Code

The ePayments Code was released on 20 September 2011 (see media release 11-205MR).

What is the ePayments Code?
Who is bound by the new Code?
What does the new Code do?
What does it mean for consumers?
Exemptions and declarations under the Code
Compliance reporting
Download the Code

What is the ePayments Code?

The ePayments Code regulates consumer electronic payment transactions, including ATM, EFTPOS and credit card transactions, online payments, internet and mobile banking, and BPAY.

It was formerly known as the Electronic Funds Transfer Code of Conduct (EFT Code) which has existed since 1986.

ASIC is responsible for the administration of the ePaymentsCode, including compliance monitoring and reviewing it regularly.

The ePayments Code has commenced. Organisations are progressively transitioning from the old EFT Code and will all have done so by 20 March 2013.

Who is bound by the new Code?

Virtually all banks, credit unions and building societies currently subscribe to the EFT Code along with a number of non-banking subscribers. The ePayments Code continues to be a voluntary code of practice.

Re-subscription of EFT Code subscribers to the ePayments Code commences from the Codes release date (20 September 2011). ASIC strongly encourages organisations that provide electronic payments who have not previously subscribed to the EFT Code to subscribe to the new Code.

Subscribe to the new ePayments Code now

What does the new Code do?

The ePayments Code plays an important role in the regulation of electronic payment facilities in Australia.

It complements other regulatory requirements, including financial services and consumer credit licensing, advice, training and disclosure obligations under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009.

Among other things, the ePayments Code:
There are more limited requirements for low value facilities that can hold a balance of no more than $500 at any one time.

What does it mean for consumers?

The Code only protects consumers who deal with a subscriber. You should check that the banking or payment services organisation you are dealing with is a subscriber by

Exemptions and declarations under the Code

As the administrator of the ePayments Code, ASIC may exempt or declare that the application of the Code is modified in a specified way. A written instrument will be created to give effect to the exemptions or declarations, and published on this website.

Subscribers who would like to make an application for an exemption or declaration under the Code should follow the procedures set up for the application process.

More information about the procedures
List of instruments under the Code

Compliance reporting

Code subscribers must report to ASIC information about unauthorised transactions annually. Information Sheet 195 ePayments Code: Reporting data on unauthorised transactions sets out the scope of the reportable data, as well as some guiding principles and definitions to be used in preparing the compliance report.

Each data collection period starts on 1 January and ends on 31 December of that year. The report needs to be lodged with ASIC by 1 March the following year. The first data collection period commences on 1 January 2015, ending 31 December 2015. The first report is due to be lodged with ASIC by 1 March 2016. Reports should be lodged by email to epaymentscode@asic.gov.au.

An Excel template is available for download from this webpage for subscribers to use in preparing their report on unauthorised transactions.

ASIC may also undertake targeted compliance monitoring of specific obligations under the Code. The focus of targeted monitoring may change from time to time.

Download Information Sheet 195

Excel template for reports of unauthorised transactions and associated complaints

Download the ePayments Code

View the latest version of the Code (PDF 458KB)
View previous amendments

Other financial services industry codes of conduct

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