Payments System Board Annual Report – 2003 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
ASTC ASX Settlement and Transfer Corporation
ASX Australian Stock Exchange
ATM Automated Teller Machine
Austraclear a securities clearing and settlement system
BIS Bank for International Settlements
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
CLS Bank Continuous Linked Settlement Bank
Designation the formal notification of action taken to exercise powers conferred by legislation
Direct debit a pre-authorised debit on the payer's bank account initiated by the recipient
DvP Delivery-versus-Payment
EFTPOS Electronic Funds Transfer at Point of Sale
Interchange fee a fee paid between card issuers and acquirers when cardholders make transactions
OCH Options Clearing House
RTGS (real-time gross settlement) a payment system in which processing and settlement take place in real time (continuously)
Settlement the discharge of obligations arising from fund transfers between two or more parties
SFE Sydney Futures Exchange
SFECC Sydney Futures Exchange Clearing Corporation