Given our humble beginnings in regional NSW, every now and then on our journey we have extreme pinch-me moments. Presenting to the Reserve Bank of Australia (RBA) and the Payments Systems Board was one of them.
On 25 August 2022, Zepto CEO Chris Jewell attended the RBA's Payments System Board and Fintech Firms in Payments Industry Roundtable at RBA headquarters in Sydney. In the process, he presented to the central bank's Governor Philip Lowe, Deputy Governor Michele Bullock, Head of Payments Policy Ellis Connolly and the entire Payments Systems Board.
Zepto was invited to contribute to discussions around innovation, access issues and regulatory reform in the payments system. During the roundtable, Chris shared Zepto's unique perspective and experiences as the first non-bank fintech approved to connect directly to the New Payments Platform as a ‘Connected Institution’, and the first non-bank payments provider Accredited Data Recipient under the ACCC’s Consumer Data Right.
"It was a little surreal to be in the room where monetary policy is determined. However, on this occasion the discussion was focused firmly on our domestic payments system," said Chris.
I was incredibly proud to represent team Zepto as the country’s leading account-to-account payment innovation company, and for us to be recognised in this forum with a voice around regulation and reform at the highest level.
Chris Jewell, Zepto CEO
It was a privilege for Zepto to participate alongside founders and CEOs of great Australian fintech successes like Paypa Plane, Revolut, Novatti, Zeller, and PayOK. We thoroughly enjoyed the robust discussion about current regulatory reforms including broadening the licensing framework for payment fintechs, promoting competition in market for payment services, payment initiation via open banking and the outlook for new forms of money via stablecoins and CBDC.
"Zepto is an example of how payment system reform can enable innovation, and we are grateful for the opportunity to have a voice on regulation and reform at the highest level. It’s an exciting time to be innovating in payments here in Australia," says Chris.
Zepto's founders recognised early that the combination of real time insights and payments had incredible potential. The company is in a unique position to deliver on that as the first non-bank fintech approved to connect directly to the New Payments Platform as a ‘Connected Institution’, and the first non-bank payments provider Accredited Data Recipient under the ACCC’s Consumer Data Right.
Zepto's mission is to power the movement of value through the economy. According to ACI Worldwide Australia recorded 970 million real-time transactions resulting in estimated cost savings of $205 million for businesses & consumers in 2021 - which helped to unlock $US932 million of additional economic output, representing 0.06% of the country's GDP.
We have an opportunity for account-to-account to become the most trusted and most cost-effective form of payment in Australia.
Zepto supports the RBA’s collaboration with the Digital Finance CRC to work on a research project looking at a central bank digital currency (CBDC) in Australia. Australia has an opportunity to be a global leader in the digital assets space and the sector could add significant value to our economy. This project is a significant step forward in that direction.
Check the RBA media release for more information about the ongoing work of the Payments System Board and the update from its August 2022 Meeting.