In Australia, we use the Bulk Electronic Clearing System (BECS), which is Australia's payment workhorse processing the large majority of transactions that occur in Australia on a daily basis. BECS only processes transactions on banking days which are days that are not one of the following:
- National public holidays (https://www.australia.gov.au/about-australia/special-dates-and-events/public-holidays)
When a public holiday applies to only some states or territories, then that day is still a banking day, and the transaction will be processed as usual. There may however be some slight delays in clearance.
If a public holiday applies to all states and territories, then it is not a banking day and the transaction will be processed on the next banking day.
When a Payment Request is submitted on a non banking day, the Split platform will accept the transaction and submit it on the next banking day. A delay can be expected as a result of this. The Split platform takes this into account and extends the clearance time of the transaction.
If a Payment Request is submitted on a banking day, but the clearance period includes any non bank processing days, the Split platform extends the clearance period to take these in to account.
For more information, please refer to our article on Clearance and Settlement times.