Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)

Q68 – In your view, why has membership of the EFT Code remained limited generally to providers of generic banking services?

The limited membership of the Code reflects the dominance of Part A of the Code. Part B was probably too ambitious and too early and it is not surprising that organisations in the early stages of developing stored value products see Code subscription as a low priority.

However, limited membership is of concern in relation to some new, dominant Internet based payment systems, such as PayPal and Checkout. It is essential that such systems are covered by the same consumer protection rules as traditional EFT Code subscribers.