Unlocking the Power of Digital Signature Legitimateness for Finance in Australia

How to eSign a document: digital signature legitimateness for Finance in Australia

[Music] now to maximize the benefits of this modern regulatory framework we want to work with you on the transition away from checks and away from Bex and this is the these are the main parts of the third part of our plan we know that the usage of checks has been declining with a 90 decline in volumes of checks over the past decade alone and this is largely because digital transactions are easier cheaper and more accessible in fact currently 98 of retail checks could be serviced through internet or Mobile Banking and 100 of those used in institutional and Commercial settings so all of this means that leaving checks in the system is an increasingly costly way of servicing a tiny and declining fraction of payments that's why we want to systematically transition these transactions to digital to improve the efficiency of this sector and getting Australians their money faster as well So today we're signaling Our intention to wind down the check system by no later than 2030 Leading The Way by moving Commonwealth government departments to new forms of payments by 2028 now this transaction will be gradual coordinated inclusive and respectful public consultation with the whole Community will take place before the end of the year including with the states and territories and we will work with you to make sure that every Australian gets the assistance that they need to make this important change to other forms of payment in good time uplifting competition by aligning payments reform with other parts of our agenda for the digital economy including the consumer data right digital ID skills and AI agendas and fifth leading in Global Payments including through our work in the G20 and in the Pacific to improve the availability of fast low cost cost International transfers and piloting a central bank digital currency at the same time