The Reserve Bank Act 1959 authorises the Payments System Board to decide the Reserve Bank's payments system policy. This is done so it can control risk, promote efficiency and to aid in competitiveness and balance in the financial system. The bank's power through the Payment Systems Act 1998 allows it to regulate any payment system and can create binding rules for security and performance in the system. If members of a payment system are at odds over issues of market risk, admission, safety, and rivalry, the RBA can additionally administer arbitration with the consent of those involved. The RBA is also permitted to gather information from a payment system or participants thereof. The bank can also regulate the competition of transactions since August 2001.
