ISO 20022 Migration for the Australian Payments System –
Responses and Options Paper – September 2019
7. Glossary

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.
AUSTRAC Australian Transactions Reports and Analysis Centre.
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.
CBPR+ Cross-Border Payments and Reporting Plus. A SWIFT and PMPG working group responsible for 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 Corporation.
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.
ESA Exchange Settlement Account.
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 Plus. A task force formed by SWIFT, along with major global banks and market infrastructures responsible for developing ISO 20022 global usage guidelines for high value payments.
IBAN International Bank Account Number.
ISO International Organization for Standardization.
ISO 20022 A messaging standard for financial markets developed and maintained by ISO.
LEI Legal Entity Identifier. A 20 character unique identifier allocated to organisations using the ISO 17442 format.
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.
SWIFT MT (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.
NPP Full Participant NPP Full Participants are organisations that directly clear and settle NPP Payments.
NPP Settlement Participant NPP Settlement Participants are organisations that directly settle NPP payments but who have an arrangement with another NPP Participant to clear NPP payments on their behalf.
PMPG The Payments Market Practice Group is an international forum, facilitated by SWIFT, that assists industry participants formulate better market practices, including the recommended 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 (FIN) The SWIFT messaging service that enables the exchange of MT messages.
SWIFT InterAct (InterAct) The SWIFT service that enables the exchange of ISO messages.
SWIFT PDS SWIFT Payment Delivery System. Also known as the HVCS.