The ACCC is looking to allow collaboration in the cash in transit industry.

Cash-in-transit services include companies behind the transportation, management, and processing of cash for banks, retailers, and independent ATM operators. 

In June 2023, the Australian Competition and Consumer Commission (ACCC) granted merger authorisation for Linfox Armaguard and Prosegur Australia to combine their cash distribution businesses.

However, Armaguard has since revealed it is struggling to stay afloat amid declining cash usage.

In May 2024, the ACCC authorised the ABA and other industry participants to continue developing responses for cash distribution support across Australia. 

This was followed by a further interim authorisation in July 2024 to allow financial contributions to Armaguard and discussions on operational sustainability measures.

This week, the competition regulator issued a draft determination proposing authorisation for the Australian Banking Association (ABA), its member banks, and other industry participants to collaborate on business continuity planning in the cash-in-transit sector. 

This proposal includes measures to address potential disruptions from Armaguard's services.

To support this initiative, the ACCC has granted interim authorisation to the involved parties while it continues to review the ABA’s applications. 

The ACCC is now inviting submissions on this draft determination. 

Interested parties can find further details about the ABA’s application and submission procedures on the ACCC's website, with a submission deadline of 14 August 2024.