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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.

Search Results

Reserve Bank Domestic Operations under RTGS

19 Oct 1998 Speech
Frank Campbell
Remarks by Frank Campbell to the AFMA TechnoFuture '98 Seminar Program, Sydney
https://www.rba.gov.au/speeches/1998/sp-so-191098.html

Payments System Board Update: May 2021 Meeting

21 May 2021 Media Releases
At its meeting today, the Payments System Board discussed the Bank's review of retail payments regulation, the annual assessment of Australia's real-time gross settlement system, regulatory reforms for financial market infrastructures, initiatives
https://www.rba.gov.au/media-releases/2021/mr-21-07.html

Payments System Issues: Exchange Settlement Account Policy

20 Mar 2018 Media Releases
The Reserve Bank has amended its Exchange Settlement Account policy to remove the requirement that all banks that use a settlement agent for real-time gross settlement transactions must maintain an ESA.
https://www.rba.gov.au/media-releases/2018/mr-18-06.html

The Shift to Electronic Payments – Some Policy Issues

28 Mar 2023 Speech
Ellis Connolly
Speech delivered by Ellis Connolly, Head of Payments Policy, AFR Banking Summit, Sydney
https://www.rba.gov.au/speeches/2023/sp-so-2023-03-28.html

Assessment of the Reserve Bank Information and Transfer System

12 Jun 2020 Media Releases
PFMI). The Assessment concludes that RITS ‘observed’ all relevant Principles as at 31 March 2020, other than Operational Risk, which was rated as ‘broadly observed’. ... RITS is Australia's high-value payments system, which is used by banks and
https://www.rba.gov.au/media-releases/2020/mr-20-16.html

The Path to Innovation in Payments Infrastructure in Australia

26 Sep 2014 Speech
Anthony Richards
Speech by Tony Richards at the Chicago Payments Symposium, Chicago
https://www.rba.gov.au/speeches/2014/sp-so-260914.html

The Economics of a Central Bank Digital Currency in Australia

8 Dec 2022 Speech
Brad Jones
Speech delivered by Brad Jones, Assistant Governor (Financial System), 17th Central Bank Conference on the Microstructure of Financial Markets, Sydney
https://www.rba.gov.au/speeches/2022/sp-ag-2022-12-08.html

Movement of Commonwealth Government Securities to the Austraclear System

25 Feb 2002 Media Releases
Members of the Reserve Bank Information and Transfer System (RITS) moved their portfolios totalling billion of Commonwealth Government Securities (CGS) from RITS to the Austraclear System, which is owned and operated by the SFE Corporation Limited.
https://www.rba.gov.au/media-releases/2002/mr-02-04.html

Payments System Board Update: May 2020 Meeting

22 May 2020 Media Releases
At its meeting today, the Payments System Board discussed the impact of the COVID-19 pandemic on financial market infrastructures and the retail payments system, the Bank’s review of retail payments regulation, the annual assessment of Australia's
https://www.rba.gov.au/media-releases/2020/mr-20-14.html

Payments System Board Update: February 2019 Meeting

25 Feb 2019 Media Releases
At its meeting on Friday 22 February 2019, the Payments System Board discussed a number of issues, including the annual assessment of CME Inc., the recent default at Nasdaq Nordic, a consultation on migration to ISO20022 message formats,
https://www.rba.gov.au/media-releases/2019/mr-19-03.html