Commonwealth Bank has joined ASB Bank, Bank of America, Capital One, ING Group and NatWest Group to launch the Agentic Commerce Principles Paper, marking the start of a wider industry conversation.
Commonwealth Bank of Australia, ASB Bank, Bank of America, Capital One, ING Group and NatWest Group have today jointly published a shared set of principles to support the development of trusted agentic commerce, helping establish a framework for a future where AI agents could play a greater role in how people choose and pay for products and services.
With banks sitting at the heart of the payment’s ecosystem, connecting consumers, businesses and merchants, and supporting millions of payment interactions every day, the participating firms have teamed up to produce principles for the future development of agentic commerce.
The principles are designed to support the responsible development of agentic commerce, helping ensure both customers and merchants retain choice, control and flexibility in how they pay and get paid, while ensuring it is done safely and securely.
They focus on five areas: transparency, safety, privacy and data, choice and interoperability. Together, providing a foundation for further discussion on agentic commerce.
“Agentic commerce presents an exciting opportunity for innovation in commerce that can deliver simpler and more personalised experiences for consumers and open new markets and channels for merchants to grow their businesses,” said Ethan Teas, Executive General Manager Payments at Commonwealth Bank of Australia said.
“Building trust from the outset will be critical. As Australia’s largest issuer and acquirer, CBA is focused on helping ensure the security and protections customers expect from today’s payments ecosystem evolve alongside this technology, so they can benefit from innovation with confidence. Working collaboratively across the ecosytem will be essential to building a safe, trusted and sustainable ecosystem as agentic commerce develops.”
The paper is intended to build on a wider conversation, with the participating banks inviting other banks and institutions across the payments ecosystem to engage with the principles, share different perspectives and work together on developing a blueprint for applying the principles in practice.
