| 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 |
