Media Release Assessment of the Reserve Bank Information and Transfer System

The RBA today released the 2026 Assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures (PFMI). The Assessment concludes that RITS observed all relevant PFMI as at 31 March 2026, with the exception of Governance, Framework for the comprehensive management of risk and Operational risk, which were assessed as partly observed.

Over the assessment period, the RBA has made progress in strengthening governance, risk management and operational arrangements. However, the Assessment identified issues that should be addressed with high priority. The program of work affecting RITS progressed more slowly than anticipated at the time of the 2024 Assessment, in the context of an external risk environment that has become more challenging. As a result, the rating for Governance was downgraded to partly observed. The downgrade reflects the need to accelerate the implementation of RITS-specific governance enhancements, rather than a deterioration in governance relative to the previous Assessment. The ratings for Framework for the comprehensive management of risk and Operational risk remained partly observed.

The Assessment was prepared by the Payments Policy Department and approved by the Payments System Board (PSB). The PSB expects key improvements to be delivered and embedded ahead of the March 2028 detailed Assessment, and will continue to monitor progress through regular updates provided by the Payments Policy Department.

Background

The RBA owns and operates RITS, Australia’s real-time gross settlement system. RITS is critical national infrastructure for the Australian payment system and must operate with a high degree of availability and resilience.

Following amendments to the Reserve Bank Act 1959, the Governance Board is responsible for the oversight of the management and organisational affairs of the RBA, including RITS. Under the Memorandum of Understanding among the Monetary Policy Board, Payments System Board, Governance Board and Executive, the PSB oversees RITS in assessing the RBA’s observance of the PFMI. In line with CPMI-IOSCO guidance, a detailed assessment of RITS against the applicable PFMI is conducted every two years.