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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

Australia's RTGS System

31 Dec 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Download the Paper 578. KB. RITS has operated as an RTGS system since 1998. ... RITS. The central queue in RITS operates on a ‘bypass first-in first-out (FIFO) basis’.
https://www.rba.gov.au/publications/rdp/2012/2012-05/aus-system.html

Methodology

31 Dec 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Consequently, RITS submission times are unlikely to be appropriate when simulating a pure RTGS system. ... RITS provides each participant with real-time information on their queued payments and receipts.
https://www.rba.gov.au/publications/rdp/2012/2012-05/methodology.html

Payment System Design and Participant Operational Disruptions

5 Sep 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2012/2012-05.html

Introduction

31 Dec 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Liquidity-saving algorithms – such as the bilateral-offset algorithm in Australia's RTGS system, the Reserve Bank Information and Transfer System (RITS) – can also potentially reduce the value of unsettled payments ... Section 4 presents the
https://www.rba.gov.au/publications/rdp/2012/2012-05/introduction.html

Appendix A: Simulator Algorithms

31 Dec 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Time when submitted to the simulator. Deferred. Active. Active. Settlement time in RITS. ... Priority. Priority. Settlement time in RITS. Active. Active. Active. Submission time to RITS.
https://www.rba.gov.au/publications/rdp/2012/2012-05/appendix-a.html

Results

31 Dec 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Even when participants hold less liquidity, the RITS replica system remains the most effective system for minimising the systemic impact of a participant's operational disruption. ... Nevertheless, for a given reaction time and level of liquidity,
https://www.rba.gov.au/publications/rdp/2012/2012-05/results.html

Conclusion

31 Dec 2012 RDP 2012-05
Ashwin Clarke and Jennifer Hancock
Simulated disruptions for the largest 15 participants of RITS also demonstrate that hybrid features tend to mitigate the effect of participant size on the systemic impact of a disruption at that
https://www.rba.gov.au/publications/rdp/2012/2012-05/conclusion.html