AP+ is undertaking a comprehensive program of work to support the movement of payments to the NPP in preparation for the decommissioning of the BECS framework by June 2030. This work includes ensuring the NPP has the necessary capability, capacity, reach and resilience as well as focusing on building the awareness, education and mobilisation needed across industry and businesses to drive this change.
In order to ensure the required level of oversight and governance for this important industry initiative, AP+ is establishing a Move to NPP Steering Committee. The purpose of this Committee is to inform and guide the delivery of the Move to NPP program. In particular, the Committee will focus on NPP readiness, giving due regard to public interest considerations such as safety, resilience, efficiency and competition, as well as other activities required to ensure a considered and managed transition across the industry.
AP+ is delighted to announce that Geoff Summerhayes has been appointed as the independent Chair of the Move to NPP Steering Committee. Geoff is a respected chair, former APRA Board Member and financial services CEO. He currently serves as the Chair of Zurich Insurance, Heartland Bank Australia and AICDs Climate Governance Initiative.
Geoff has extensive commercial and regulatory experience across a wide range of sectors including banking, insurance and financial services prudential regulation, as well as deep stakeholder management skills. Prior to his Board role at APRA, Geoff was Chief Executive Officer of Suncorp Life, held several senior executive roles at National Australia Bank, was CEO Superannuation and Investment at MLC and started his career in commercial property development at Lendlease.
“The Move to NPP is important economic reform, with opportunities for all sectors of the economy. Digital innovation is accelerating. Payments systems are the arteries of business and enable service delivery in our society. It is essential they are fit for purpose for a modern digitally enabled economy. To maximise this opportunity for all Australians, it is important that key stakeholders are constructively engaged. I look forward to working with the AP+ team to ensure this is the case,” said Geoff Summerhayes.
“The Move to NPP program is critical to supporting Australia’s drive towards payments modernisation. It is a complex, multi-year program of work that requires extensive stakeholder management across the industry. AP+ are delighted to have someone of Geoff’s calibre come on board to help steer this Committee and support this work,” said Lynn Kraus, Chief Executive Officer, AP+.
The establishment of the Move to NPP Steering Committee is an important step in ensuring appropriate coordination and collaboration of key stakeholders involved in the transition of payments from BECS over to the NPP. The work of the Committee will provide critical oversight to this important program of work as well as ensure transparency and visibility as the industry collectively works towards the 2030 decommissioning date. In addition to industry representatives, the Committee will include observers from the RBA Policy Department, the RBA Payments Settlements Department and Commonwealth Treasury. Outcomes from the Committee meetings will be made available on the AP+ website.
Follow us