Search: RITS
RBA Glossary definition for RITS
RITS – The Reserve Bank Information and Transfer System (RITS) was established in August 1991 and is operated by the Reserve Bank of Australia. RITS is Australia's Real-Time Gross Settlement (RTGS) system, which plays a central role in the Australian payments clearing and settlement system.
RITS is the means by which Exchange Settlement Accounts are accessed and membership is compulsory for all Australian-licensed banks and participants in the Reserve Bank's domestic market operations.
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Fast Retail Payment Systems
18 Dec 2014
Bulletin
– December 2014
In December 2014, a group of Australian financial institutions announced that funding had been secured for the next phase of the New Payments Platform (NPP), which will provide the capability for Australian consumers and businesses to make and
https://www.rba.gov.au/publications/bulletin/2014/dec/6.html
Two Years of Fast Payments in Australia
19 Mar 2020
Bulletin
– March 2020
It has been two years since the public launch of the New Payments Platform (NPP) and the Fast Settlement Service (FSS).
https://www.rba.gov.au/publications/bulletin/2020/mar/two-years-of-fast-payments-in-australia.html
An Assessment of the Term Funding Facility
16 Sep 2021
Bulletin
– September 2021
The Term Funding Facility (TFF) was announced by the Reserve Bank Board in March 2020 as part of the comprehensive policy package to support the Australian economy in response to the COVID-19 pandemic.
https://www.rba.gov.au/publications/bulletin/2021/sep/an-assessment-of-the-term-funding-facility.html
Reforming the Australian Payments System: The State of Play
10 Apr 1993
Bulletin
– April 1993
So also did the establishment by the Reserve Bank of RITS, which put the Commonwealth Government Securities market on an electronic register and provided for delivery of securities against irrevocable EFT
https://www.rba.gov.au/publications/bulletin/1993/apr/5.html
The New Payments Platform and Fast Settlement Service
20 Sep 2018
Bulletin
– September 2018
A significant advance in the Australian payments system occurred in February 2018 with the public launch of the New Payments Platform (NPP).
https://www.rba.gov.au/publications/bulletin/2018/sep/the-new-payments-platform-and-fast-settlement-service.html
Project Scope | ISO 20022 Migration for the Australian Payments System – Responses and Options Paper – September 2019
31 Dec 2002
Consultations
the HVCS, which will continue to run as a separate clearing system using the SWIFT InterAct service with settlement occurring in RITS. ... Migration of the RITS AIF service from MT to ISO 20022 messaging will be managed independently from the industry
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/project-scope.html
Glossary | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019
31 Dec 2002
Consultations
IBAN. International Bank Account Number. Interbank settlement. Settlement of payment obligations across ESAs in RITS/FSS. ... LVSS. Low Value Settlement Service. A RITS service used for the lodgement of settlement instructions for obligations arising in
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/glossary.html
ISO 20022 Migration | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019
31 Dec 2002
Consultations
The Reserve Bank Information and Transfer System (RITS) Automated Information Facility (AIF), which is used by RITS members for liquidity management and statement provision. ... RITS Batch settlement arrangements that use SWIFT MT messaging (i.e.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/iso-20022-migration.html
Strategic Issues – Payment System Design | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019
31 Dec 2002
Consultations
Under the Y-Copy service, RITS receives no information about the sending or receiving customer. ... Under this model, the full payment message, including customer information, is received by RITS.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/strategic-issues-payment-system-design.html
Strategic Issues – Scope of Migration | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019
31 Dec 2002
Consultations
Settlement of clearing obligations occurs in the RBA's settlement systems, either via RITS or the RITS FSS (Figure 1). ... These payments are bilaterally cleared using the SWIFT PDS between HVCS members and settled line by line in RITS.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/strategic-issues-scope-of-migration.html