Payments System Board Annual Report – 2001 Glossary of Terms and Abbreviations

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
BRC Bond and Repo Clear
Card issuer an institution that provides its customers with debit or credit cards
CHESS Clearing House Electronic Subregister System
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
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
Direct debit a pre-authorised debit on the payer's bank account initiated by the recipient
DvP Delivery-versus-Payment
EMEAP Executives' Meeting of East Asia-Pacific Central Banks and Monetary Authorities
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
G10 Group of Ten Countries: Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United Kingdom, United States
Interchange fee a fee paid between card issuers and acquirers when cardholders make transactions
IOSCO International Organisation of Securities Commissions
OCH Options Clearing House
PvP Payment-versus-Payment
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
SFE Sydney Futures Exchange
SFECC Sydney Futures Exchange Clearing Corporation