| ACCC |
Australian Competition and Consumer Commission |
| Acquirer |
an institution that provides a merchant with facilities to accept card payments,
accounts to the merchant for the proceeds and clears and settles the resulting
obligations with card issuers |
| ADI |
authorised deposit-taking institution |
| APCA |
Australian Payments Clearing Association Limited |
| APRA |
Australian Prudential Regulation Authority |
| ASIC |
Australian Securities and Investments Commission |
| ASX |
Australian Stock Exchange |
| ATM |
Automated Teller Machine |
| AUSTRACLEAR |
a securities clearing and settlement company |
| BIS |
Bank for International Settlements |
| Card issuer |
an institution that provides its customers with debit or credit cards |
| 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 |
| CPSS |
Committee on Payment and Settlement Systems |
| Direct debit |
a pre-authorised debit on the payer's bank account initiated by the
recipient |
| EMEAP |
Executives' Meeting of East Asia and Pacific central banks |
| Exchange Settlement (ES) Account |
an account held at the Reserve Bank of Australia to settle obligations arising
from the clearing of payments |
| G10 |
Group of Ten Countries: Belgium, Canada, France, Germany, Italy, Japan,
Netherlands, Sweden, Switzerland, United Kingdom, United States |
| HVCS |
High-Value Clearing System operated by APCA |
| Interchange fee |
a fee paid between card issuers and acquirers when cardholders make transactions |
| Deferred Net Settlement System |
a settlement system in which each settling participant settles (typically
by means of a single payment or receipt) its net settlement position which
results from the payments made and received by it at some defined time
after payments have been made |
| OCH |
Options Clearing House |
| 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 |
| SFECH |
Sydney Futures Exchange Clearing House |
