Document ID: chunk:federal_register_of_legislation:F2023L01225:body:0:p3
Version: federal_register_of_legislation:F2023L01225
Segment Type: other
Provision Reference: 
Character Range: 6006–9034

funds transfer at point of sale;

       (j)            'end-of-day' means 9.00 am AEST on the day following the date on which the Minister's declaration is made under section 16AD of the Banking Act in relation to an ADI or, for testing purposes, 9.00 am AEST on the day following the date on which APRA requests that the information be generated by an ADI;

       (k)          'FCS' refers to the Financial Claims Scheme for ADIs provided for under the Banking Act;

       (l)            'FCS limit' means the limit on payments to an account-holder with a declared ADI, as set out in the Regulations;

       (m)        'FCS balance' means the aggregate amount an account-holder is entitled to be paid by APRA in respect of protected accounts under Part 2, Division 2AA of the Banking Act, being not more than the FCS limit;

       (n)          'prescribed account' is an account prescribed under subsection 16AH(5) of the Banking Act;

       (o)          'protected account' has the meaning in section 5 of the Banking Act;

       (p)          'Regulations' refers to the Banking Regulation 2016; and

       (q)          'SCV' refers to Single Customer View.

Single Customer View
    6.             An ADI must identify each unique account-holder, to the extent practicable, for the purposes of being able to pay an account-holder who holds a protected account should the ADI be a declared ADI under section 16AD of the Banking Act.

    7.             An ADI must be able to generate the aggregate balance of all protected accounts held by an account-holder in the form of an SCV.

    8.             An ADI must maintain its SCV systems and the SCV data generated by those systems in Australia, unless otherwise approved by APRA.

    9.             An ADI must:

       (a)          include in its SCV the information set out in Attachment A; and

       (b)          comply with requirements concerning account aggregation and end-of-day positions set out in Attachment B.

Time for generating SCV data
    10.         An ADI must generate SCV data from its end-of-day deposit balances not later than 48 hours after the end-of-day on which:

       (a)          a declaration is made under section 16AD of the Banking Act; or

       (b)          APRA requests the ADI to generate the data.

Generation and transmission of payment instruction information
    11.         An ADI must be able, to the extent practicable, to identify payment instruction information for each account-holder according to principles set out in Attachment C.

    12.         To enable the payment to an account-holder who holds a protected account, an ADI must be able to generate and transmit payment instruction information to a person (paying agent) nominated by APRA, using any of the payment methods specified in this Prudential Standard.

Payment methods
    13.         The payment methods specified under this Prudential Standard are:

       (a)          electronic funds transfer (EFT) made by the Reserve