The Australian Competition and Consumer Commission (ACCC) has granted interim authorization to allow the Australian Banking Association (ABA), banks and retailers to make financial contributions to the Armaguard business in cash.
ANZ Bank, Commonwealth Bank, National Australia Bank, Westpac, Australia Post, Coles, Wesfarmers and Woolworths have agreed to provide financial support to Armaguard for up to 12 months.
Financial support is part of a wider set of conduct sought approval by the ABA, banks and retailers. In addition to financial support, the parties are seeking permission to discuss, agree and implement operational sustainability and efficiency measures across all services under their respective service agreements and with Armaguard’s cash transfer operations.
The parties also seek to develop (but not implement) an independent pricing mechanism with respect to their cash service agreements with Armaguard.
Cash transfer services include the provision of cash transfer, handling and processing services. These services are provided to banks, retailers and independent ATM operators.