The Australian Competition & Consumer Commission (ACCC) has granted interim authorisation to allow the Australian Banking Association (ABA), banks and retailers to provide financial contributions to cash-in-transit business Armaguard.
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.
The financial support forms part of a broader set of conduct for which authorisation is being sought by the ABA, banks and retailers. In addition to the financial support, the parties are seeking authorisation to discuss, agree and implement operational sustainability and efficiency measures across services under their respective service agreements and with Armaguard’s cash-in-transit business.
The parties are also seeking to develop (but not implement) an independent pricing mechanism in respect of their cash services agreements with Armaguard.
Cash-in-transit services involve providing cash transport, management and processing services. These services are provided to banks, retailers and independent ATM operators.
