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In Australia, direct debit is performed through the direct entry system also known as BECS (Bulk Electronic Clearing System) or CS2, managed by the Australian Payments Network Limited. An account holder can authorise a company to collect direct debit payments, without notifying the bank, but direct debit is not available on all financial accounts.
Financial institutions in Australia are only permitted to accept deposits from the public if they are authorised deposit-taking institutions (ADIs). The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959 (Cth).
Direct entry (also called CS2) [8] can be used to transfer funds between bank accounts in Australia. Clearing and settling is regulated by AusPayNet as the Bulk Electronic Clearing System (BECS). Direct entry uses the BSB and account number to identify the bank and accounts to debit and credit.
An automated clearing house ( ACH) is a computer-based electronic network for processing transactions, [1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits.
Direct deposit is a payment option where your funds are electronically transferred to your checking or savings account, eliminating a need for physical checks.
Australia has signed an Intergovernmental Agreement (IGA) with the United States which sets out rules to enable Australian financial institutions to report to the Australian Taxation Office (ATO) which in turn passes the information to the IRS.
Financial regulation in Australia is split mainly between the Australian Securities & Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA). The Australian Securities Exchange has also played a role in regulating market conduct.
Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' accounts, but the facility can be used for payments for any purpose, such as payment of bills, taxes, and other government charges.
Superannuation in Australia or "super" is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to fund members upon retirement.
Financial institutions in Australia are supervised by the Australian Prudential Regulation Authority (APRA) as authorised deposit-taking institutions (ADI) under the Banking Act 1959 (Cth), as at 2 August 2017.