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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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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

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

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

31 Dec 2002 Consultations
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 ... LVSS. Low Value Settlement Service. A
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/glossary.html

Innovation Gaps in the Australian Payments System | Strategic Review of Innovation in the Payments System: Issues for Consultation June…

7 Jun 2011 Consultations
As RITS is geared to processing a relatively small number of high-value payments, this would require changes to the RITS infrastructure, to build a high-volume messaging system which would ... pass interbank settlement positions to RITS on a near
https://www.rba.gov.au/publications/consultations/201106-strategic-review-innovation/issues/innovation-gaps.html

Introduction | ISO 20022 Migration for the Australian Payments System – Responses and Options Paper – September 2019

31 Dec 2002 Consultations
Respondents represented a diverse range of payments system users, comprising about a third that are Reserve Bank Information and Transfer System (RITS) Members directly using the New Payments Platform (NPP) and ... RITS Fast Settlement Service (FSS),
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/introduction.html

The Environment for Innovation in the Australian Payments System | Strategic Review of Innovation in the Payments System: Issues for…

7 Jun 2011 Consultations
Settlement of interbank obligations arising from the payments system ultimately occurs across exchange settlement accounts (ESAs) of direct participants in RITS. ... In the period immediately ahead, RITS will also have the capacity to settle bilaterally
https://www.rba.gov.au/publications/consultations/201106-strategic-review-innovation/issues/environment-innovation-australian.html

Governance | ISO 20022 Migration for the Australian Payments System – Responses and Options Paper – September 2019

31 Dec 2002 Consultations
In addition to these representatives, the steering committee could potentially include: an independent chairperson; a representative from AusPayNet, a representative from the RBA's Payments Settlements Department (responsible for RITS) and
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/governance.html