Canberra, September 25, 2025 — The Australian Competition and Consumer Commission (ACCC) has given the green light for the financial services industry to coordinate efforts on a major security upgrade to the nation’s card payments system.
In a determination issued today, the regulator authorized Australian Payments Network Limited (AusPayNet) and members of the Issuers and Acquirers Community to collaborate on migrating from the widely used Triple Data Encryption Standard (3DES) to the more advanced Advanced Encryption Standard (AES).
The authorisation, granted under AA1000699, allows participants to enter into agreements on key aspects of the transition and to share information necessary to monitor progress, report issues, and develop solutions. The permission has been granted for eight years, ensuring industry players have a long-term framework to complete the complex migration.
“The Advanced Encryption Standard is generally considered to be faster, more efficient, and more secure than Triple DES, making it the more suitable medium- to long-term option,” the ACCC said.
While 3DES remains adequate in the short term, regulators and industry participants view AES as critical to safeguarding sensitive payments data against emerging cyber threats. The transition is expected to bolster consumer confidence and align Australia’s payments infrastructure with international security benchmarks.
The ACCC’s final determination can be found on its public register under Australian Payments Network Limited.
