ISO 20022 Migration for the Australian Payments System –
Issues Paper – April 2019

Term Definition
AIF Automated Information Facility. An automated messaging service used by ESA holders to send and receive messages from RITS to perform credit and liquidity management and to receive ESA statements.
AML/CTF Anti-Money Laundering/Counter-Terrorism Financing.
APC Australian Payments Council.
APCS Australian Paper Clearing System. This clearing system is administered by AusPayNet and is primarily used for exchange of cheque payments.
Austraclear Austraclear is a securities depository and settlement system for debt securities, and provides cash settlement services to the OTC debt market and for derivatives traded on the ASX (equities) and ASX 24 (futures) markets. Austraclear is a wholly owned subsidiary of the ASX group.
AusPayNet Australian Payments Network.
Auto-offset Grid-lock preventing feature of RITS – if a transaction remains unsettled, auto-offset functionality will search for offsetting payments from the receiving party and will settle them simultaneously.
BECS Bulk Electronic Clearing System. This clearing system is administered by AusPayNet and is used for exchange of direct credit and direct debit payments.
CBPR+ Cross-Border Payments and Reporting Plus. A SWIFT and PMPG working group charged with developing ISO 20022 global usage guidelines for cross-border payments.
CHESS Clearing House Electronic Sub-register System. CHESS is a settlement system for Australian equities operated by ASX Settlement.
Cross-border payments Cross-border payments are sent by an individual, business or government agency from one jurisdiction to a recipient in another jurisdiction.
CUG Closed User Group.
DE Direct Entry.
DvP Delivery-versus-Payment. A settlement arrangement that ensures that delivery of an item, such as title or securities, occurs if and only if the corresponding payment occurs (and vice versa).
eftpos Electronic funds transfer at point of sale. The eftpos system is a domestic debit card system managed by eftpos Payments Australia Limited.
ESA Exchange Settlement Account.
FIFO First-in, first-out. FSS transactions are tested for settlement in the order they are received by the system.
FMI Financial Market Infrastructure.
FSS Fast Settlement Service.
HVCS High Value Clearing System. This clearing system is administered by AusPayNet and is used for exchange of high value payments. Also known as the SWIFT PDS.
HVPS High value payments system.
HVPS+ High Value Payments Plus. A task force formed by SWIFT, along with major global banks and market infrastructures with developing ISO 20022 global usage guidelines for high value payments.
IBAN International Bank Account Number.
Interbank settlement Settlement of payment obligations across ESAs in RITS/FSS.
ISO International Organization for Standardization.
ISO 20022 A messaging standard for financial markets developed and maintained by ISO.
KYC Know Your Customer.
LEI Legal Entity Identifier. A 20 character unique identifier allocated to organisations using the ISO 17442 format.
Line by line The transaction is settled on an individual basis without being grouped or netted with other transactions.
LVSS Low Value Settlement Service. A RITS service used for the lodgement of settlement instructions for obligations arising in APCS, BECS and some card systems.
MT SWIFT Message Type (MT) messages.
NPP New Payments Platform.
NPPA NPP Australia Limited. The company responsible for the operation and management of the NPP.
PMPG The Payments Market Practice Group is an international forum, facilitated by SWIFT, that assists industry participants formulate better market practices, including correct use of standards.
RBA Reserve Bank of Australia.
RITS Reserve Bank Information and Transfer System. RITS is Australia's RTGS system, owned and operated by the RBA.
RTGS Real-time gross settlement. A settlement method by which the transfer of money from one ESA holder to another occurs on a real time and gross basis.
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 FIN The SWIFT messaging service that enables the exchange of MT messages.
SWIFT PDS SWIFT Payment Delivery System. Also known as the HVCS.
SWIFTNet SWIFT's IP-based private global network for banking communication.
XML eXtensible Markup Language.