Document ID: chunk:federal_register_of_legislation:F2023L01225:body:0:p4
Version: federal_register_of_legislation:F2023L01225
Segment Type: other
Provision Reference: 
Character Range: 8743–11728

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 Bank of Australia (RBA), or another paying agent nominated by APRA, to an account held by an account-holder at another ADI; and

       (b)          cheque drawn on the RBA.

    14.         For each specified payment method, the payment instruction information must contain the information specified in the approved forms.

Capturing alternative ADI account data
    15.         An ADI must be able to capture alternative ADI account data for an account-holder who is an existing electronic banking user. APRA may exempt an ADI from this requirement. APRA may approve an alternative data capture arrangement for an ADI that meets the requirements specified in paragraph 16 of this Prudential Standard.

    16.         An ADI must be able to capture alternative ADI account data in a way that:

       (a)          is secure;

       (b)          is able to identify an account-holder via electronic banking using a unique customer identifier and password, where such channels are maintained by the ADI;

       (c)          is able to receive and store an account-holder's alternative ADI account data, including the BSB and account number, for the purposes of incorporating this information into the EFT payment information file sent to the RBA or another paying agent nominated by APRA for FCS purposes;

       (d)          records the account-holder's consent for the alternative ADI account data to be provided to APRA and to the RBA or another paying agent nominated by APRA for FCS purposes; and

       (e)          allows the BSB and account number data to be merged with the account-holder's SCV data to create information on an EFT payment or required report in relation to such payments.

    17.         An ADI must not use any alternative ADI account data for any purpose except as required in this Prudential Standard or by APRA.

Time for generating and transmitting payment instruction information
    18.         An ADI must be able to generate and transmit payment instruction information to a person (paying agent) nominated by APRA not later than 24 hours following the generation of SCV data.

Reports
    19.         An ADI must be able to identify reporting information in the form specified by APRA for each account-holder and at an aggregate ADI level.

    20.         An ADI must:

       (a)          be able to generate and transmit reports to APRA, and to any party nominated by APRA, in accordance with approved forms within the time periods specified in this Prudential Standard; and

       (b)          be able to generate reports on behalf of APRA in accordance with the approved forms, and be able to transmit those reports to APRA, and to