Payments System Board Annual Report – 1999 Glossary of Terms and Abbreviations

ACCC Australian Competition and Consumer Commission
ACHA Australian Clearing House Association
AFIC Australian Financial Institutions Commission
APCA Australian Payments Clearing Association Limited
APRA Australian Prudential Regulation Authority
APSC Australian Payments System Council
ASIC Australian Securities and Investments Commission
ATM Automated Teller Machine
BPAY an electronic bill payment service owned by a consortium of banks, allowing payers to issue payment instructions via telephone or the Internet
CGS Commonwealth Government securities
Clearing the process of transmitting, reconciling and in some cases confirming payment instructions prior to settlement; it may include netting of instructions and the calculation of final positions for settlement
CLERP Corporate Law Economic Reform Program
CLS Bank Continuous Linked Settlement Bank
Direct credit a payment initiated by the payer and made by the payer's financial institution crediting the payee's account at another financial institution
Direct debit a pre-authorised debit on the payer's bank account initiated by the payee
EFTPOS Electronic Funds Transfer at Point of Sale
Exchange Settlement (ES) Account an account held at the Reserve Bank of Australia to settle obligations arising from the clearing of payments
Giro a form of direct credit widely used in Europe
G10 Group of Ten countries: Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United Kingdom, United States
Multilateral Net Settlement System a settlement system in which each settling participant settles (typically by means of a single payment or receipt) the multilateral net settlement position which results from the payments made and received by it
RTGS (real-time gross settlement) a payment system in which processing and settlement take place in real time (continuously)
RITS Reserve Bank Information and Transfer System
Settlement the discharge of obligations arising from fund transfers between two or more parties
SSPs Special Service Providers for the credit union and building society industries
SWIFT (Society for Worldwide Interbank Financial Telecommunication) a co-operative organisation that operates a network for the exchange of payment and other financial messages between financial institutions
SWIFT PDS SWIFT Payment Delivery System