About RITS

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The Reserve Bank Information and Transfer System (RITS) is Australia's high-value settlement system, which is used by banks and other approved institutions to settle their payment obligations on a real-time gross settlement (RTGS) basis. Final and irrevocable settlement is achieved by the simultaneous crediting and debiting of Exchange Settlement Accounts (ESAs) held at the Reserve Bank of Australia. Transactions are entered into RITS directly, or delivered via external feeder systems including SWIFT and Austraclear. These include payments that settle through CLS, a multi-currency settlement system designed to reduce foreign exchange settlement risk.

RITS also includes the Fast Settlement Service (FSS), which settles transactions submitted via the New Payments Platform (NPP) feeder system on an RTGS basis. The FSS has been designed to settle individual transactions, including payments made by consumers and businesses, 24 hours per day and 7 days a week.

Some settlement obligations are settled in RITS periodically on a multilaterally netted basis. This includes obligations arising from payments exchanged through low-value clearing systems for cheques, direct entry and retail card transactions. Obligations arising from direct entry payments are settled on a same-day basis, while cheque and retail card obligations are settled on a deferred basis the following day around 9.00 am. These obligations are sent to RITS via the Low Value Settlement Service (LVSS), which enables clearing system participants to send their settlement instructions directly to RITS at the same time as clearing activity takes place between institutions. Other transactions, including equity and property settlements and some retail card obligations, are multilaterally netted outside of RITS by batch administrators and submitted for settlement through the RITS batch facility.

The resilience and reliability of RITS is essential to the smooth functioning of the Australian payments system. The Summary of RITS Business Continuity Arrangements (PDF) provides a description of the Reserve Bank's business continuity arrangements for the system.

Click here for more information about RITS.