ACCC has announced it will not intervene in the proposed joint venture of the voucher processing facilities of Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation.

According to ACCC, “the transaction will create a joint venture company, upon the completion of a competitive tender process, with the function of acting as a service entity. As a result, the parties to the arrangement will collectively outsource their voucher processing requirements, but will not provide these facilities downstream as a single entity. The banks will continue to compete for the provision of voucher processing services to downstream customers.”

Presumably the transaction also complies with APRA’s Prudential Standard APS 231 on outsourcing.