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RBA Glossary definition for CLS
CLS – Continuous Linked Settlement. A process enabling simultaneous foreign exchange settlement across the globe, eliminating the settlement risk caused by delays arising from time-zone differences.
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Strategic Issues – Scope of Migration | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019
31 Dec 2002
Consultations
c) Includes SWIFT PDS and net Continuous Linked Settlement (CLS) payments. ... Net CLS payments represent the Australian dollar pay-ins to and pay-outs from CLS.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/strategic-issues-scope-of-migration.html