Both the regulators and the government understand this and are seeking to put in arrangements that encourage innovation and competition and make sure we have a secure and efficient system. We have work to do here, but are moving in the right direction. AusPayNet is a valuable partner in this work and plays an important role in the governance of the Australian payments industry.
Page 2 of 11  Institutions must therefore adapt in keeping with shifting political, economic, environmental, and social realities, so as to serve the well–being of the people. After all, it is from people that institutions derive their ‘social license’ to operate - their legitimacy. Earning and retaining institutional legitimacy is an evolving challenge.