Enhanced Batch Processing in RITS – January 2020 6. Glossary
| Term | Definition |
|---|---|
| Batch | A Batch is a group of interbank ESA credits and debits that the Batch Administrator submits to RITS for simultaneous settlement via one of the two batch settlement processes available in RITS (Settlement-only Batch and Reservation Batch). |
| Batch Administrator | A Batch Administrator is an entity that will, with the authority of participant
Members, any Upstream Business Operator and the Reserve Bank, send to RITS
net interbank obligations of participant Members that are to be settled
simultaneously via batch settlement processing in RITS. The Batch Administrator may also be the Upstream Business Operator. |
| Batch Identification Number (BIN) | A 16-character ID that is assigned to a Batch by the Batch Administrator that submits it to RITS. A BIN must be unique within the last 14 days. The first four characters are fixed and reflect the Batch Stream ID. |
| Batch Participant | A Member that participates in a Batch. |
| Batch Stream | A Batch Stream in RITS is allocated for each Upstream Business for which Batches are submitted to RITS by a Batch Administrator. RITS's batch processing facility has the capacity to accept and process Batches from a number of Upstream Businesses. |
| Batch Stream ID | A 4-character ID used to identify Batches in RITS enquiry and reports. A separate Batch Stream ID is used for each Batch type (e.g., ‘ASXB’ for CHESS Batch; ‘PEXA’ for Property Settlement Batch; and ‘MCAU’ for MasterCard Batch to settle MasterCard's domestic AUD obligations). |
| ESA | ‘Exchange Settlement Account’. |
| Member | An entity that is a member of RITS. The entity may be an ESA Holder or a Non-Transaction Member. |
| Reservation Batch | A group of interbank ESA credits and debits that a Batch Administrator submits to RITS for simultaneous settlement via the Reservation Batch process, where funds are initially reserved in ESAs, then the Batch is settled later that day. |
| Reservation Recall Request | A Reservation Recall Request is sent by a Batch Administrator to RITS to request that previously reserved funds for a Reservation Batch are released, as settlement will not take place. |
| Reservation Request | A Reservation Request is sent by a Batch Administrator to RITS to request the reservation of funds in the ESAs of paying Members in the Reservation Batch. |
| RITS | ‘Reserve Bank Information and Transfer System’, Australia's real-time gross settlement (RTGS) system, owned and operated by the RBA. |
| Settlement-only Batch | A group of interbank ESA credits and debits that a Batch Administrator submits to RITS for simultaneous settlement. Funds availability is checked as part of the settlement testing of the Batch. |
| Settlement Request | A Settlement Request is sent by a Batch Administrator to RITS to request interbank settlement in RITS of a Reservation Batch for which funds have previously been reserved. |
| Upstream Business | The business activity for which the Batch Administrator submits Batches in RITS. |
| Upstream Business Operator | The operator of the Upstream Business. May also be the Batch Administrator.
An Upstream Business Operator or owner (dependent on business arrangements) is the entity that would collate financial transactions arising from a real or financial business and transmit these to the Batch Administrator for management of the consequential interbank settlement process. |