Competition Regulator Authorizes Collaboration Among Banks, Industry Participants for Continuity of Cash-in-Transit Services

The Australian Competition and Consumer Commission authorized the Australian Banking Association (ABA) and its members, the Australian posts, supermarkets, as well as other industry participants to collaborate on the continuity of cash-in-transit services, the regulator said Thursday.

"It is important that in the event of any interruption to cash-in-transit services there are safeguards and measures in place to protect businesses and consumers," said Mick Keogh, ACCC Deputy Chair.

As part of the authorization, the banking organization will consult with industry participants across the country and provide regular reports to the regulator, ACCC said.

The ACCC also provided interim authorization to ABA and its members to contribute financially to cash logistics firm Armaguard while striking a deal regarding operational sustainability.

"A key consideration in both of the ACCC's decisions was the importance of facilitating continued access to cash in remote and regional areas where consumers are more likely to be high cash users," Keogh said.

"Remote and regional areas also have fewer bank branches and so, often, the only access is through non-bank organizations such as Australia Post, clubs, and retailers," the deputy commissioner added.

The ABA represents financial services firms across Australia, including ANZ (ASX:ANZ, NZE:ANZ), Bendigo and Adelaide Bank (ASX:BEN), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), National Australia Bank (ASX:NAB), Suncorp (ASX:SUN), and Westpac Banking Corporation (ASX:WBC, NZE:WBC).