Approvals under the Payment Systems and Netting Act 1998

Under the Payment Systems and Netting Act, the Reserve Bank has the power to grant approvals to real-time gross settlement (RTGS) systems and to multilateral netting arrangements. These approvals provide certain legal protections for transactions undertaken in such systems. This page provides links to current approvals and to the relevant media releases.

Approvals under Section 9: Approved RTGS systems Table containing details of approved real-time gross settlement (RTGS) systems under the Payment Systems and Netting Act. Transactions in an approved RTGS system are protected from the application of the so-called 'zero-hour rule'.
System Current Approval Date of Gazettal Previous Approval Media Release2
RITS 19 February 1999 3 March 1999 29 October 1998 1998-15
Austraclear 19 February 1999 3 March 1999 29 October 1998 1998-15
CHESS RTGS1 5 March 2004 11 March 2004 24 November 2000 2000-19
1. CHESS RTGS approval effective from date of gazettal
2. Media Releases relate to previous approvals.
Approvals under Section 12: Approved multilateral netting arrangements Table containing details of approved multilateral netting arrangements under the Payment Systems and Netting Act. The netting undertaken in approved systems is provided with certain protections from legal challenge.
System Current Approval Revocation Previous Approval Media Release
Austraclear
(in Fallback mode)
16 November 1999 - - 1999-13
APCS 18 August 2004 - - 2004-07
BECS 18 August 2004 - - 2004-07
CECS - 21 July 2017 18 August 2004 2004-07
HVCS
(in Bypass mode)
18 August 2004 - 16 November 1999 2004-07
ASTC (Now known as ASX Settlement) 1 May 2007 - - 2007-06
IAC 1 July 2015 - - 2015-10
eftpos 21 July 2017 - - 2017-14