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RBA Glossary definition for PvP

PvP – Payment-versus-Payment

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The Australian Financial System

10 Mar 2009 FSR – March 2009
An increased focus on counterparty credit risk has underscored the rationale for having introduced a payment-versus-payment (PvP) settlement system for the foreign exchange market. ... In offering PvP settlement, CLS is specifically designed to manage
https://www.rba.gov.au/publications/fsr/2009/mar/aus-fin-sys.html

Financial Stability Review - March 2009

17 Apr 2009 FSR - March 2009 PDF 1621KB
https://www.rba.gov.au/publications/fsr/2009/mar/pdf/0309.pdf