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RBA Glossary definition for FAST

FAST – Fast and Secure Transfers

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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
The settlement system used for NPP payments is the FSS. The FSS caters for fast, immediate settlement processing.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/strategic-issues-payment-system-design.html