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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.

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Central Clearing of OTC Derivatives in Australia: A discussion paper issued by the Council of Financial Regulators – 2011 | Consultations

7 Jun 2011 Consultations
REFORMS: Credit Cards; Debit Cards; The ATM System; ATM Fee Reforms; Review of Card Payment Systems Reforms; Account Switching; POLICY FRAMEWORK: Payments System Board; Core Principles for Systemically Important Payment Systems; Standards for
https://www.rba.gov.au/publications/consultations/201106-otc-derivatives/

Migration Approach | ISO 20022 Migration for the Australian Payments System – Responses and Options Paper – September 2019

31 Dec 2002 Consultations
The RBA will not perform translation of any messages in RITS. ... For the HVCS and batch migrations to ISO 20022, the main potential impact is to the reporting that RITS provides to ESA holders, as these may contain details of settlements that
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/migration-approach.html

Review of Card Surcharging: A Consultation Document | Consultations

7 Jun 2011 Consultations
REFORMS: Credit Cards; Debit Cards; The ATM System; ATM Fee Reforms; Review of Card Payment Systems Reforms; Account Switching; POLICY FRAMEWORK: Payments System Board; Core Principles for Systemically Important Payment Systems; Standards for
https://www.rba.gov.au/publications/consultations/201106-review-card-surcharging/

ISO 20022 Migration for the Australian Payments System – Issues Paper

7 Apr 2019 Consultations PDF 1644KB
A consultation paper issued by the Reserve Bank of Australia and the Australian Payments Council - April 2019
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/pdf/issues-paper.pdf

ISO 20022 Migration for the Australian Payments System – Responses and Options Paper

11 Sep 2019 Consultations PDF 1175KB
Bank Information and Transfer System (RITS) Members directly using the New Payments Platform. ... AusPayNet, a representative from the RBA’s Payments Settlements Department (responsible for RITS).
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/pdf/consultation-paper.pdf

Project Scope | ISO 20022 Migration for the Australian Payments System – Responses and Options Paper – September 2019

31 Dec 2002 Consultations
the HVCS, which will continue to run as a separate clearing system using the SWIFT InterAct service with settlement occurring in RITS. ... Migration of the RITS AIF service from MT to ISO 20022 messaging will be managed independently from the industry
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/project-scope.html

Strategic Issues – Payment System Design | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019

31 Dec 2002 Consultations
Under the Y-Copy service, RITS receives no information about the sending or receiving customer. ... Under this model, the full payment message, including customer information, is received by RITS.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/strategic-issues-payment-system-design.html

Glossary | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019

31 Dec 2002 Consultations
IBAN. International Bank Account Number. Interbank settlement. Settlement of payment obligations across ESAs in RITS/FSS. ... LVSS. Low Value Settlement Service. A RITS service used for the lodgement of settlement instructions for obligations arising in
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/glossary.html

The Environment for Innovation in the Australian Payments System | Strategic Review of Innovation in the Payments System: Issues for…

7 Jun 2011 Consultations
Settlement of interbank obligations arising from the payments system ultimately occurs across exchange settlement accounts (ESAs) of direct participants in RITS. ... In the period immediately ahead, RITS will also have the capacity to settle bilaterally
https://www.rba.gov.au/publications/consultations/201106-strategic-review-innovation/issues/environment-innovation-australian.html

Strategic Issues – Scope of Migration | ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019

31 Dec 2002 Consultations
Settlement of clearing obligations occurs in the RBA's settlement systems, either via RITS or the RITS FSS (Figure 1). ... These payments are bilaterally cleared using the SWIFT PDS between HVCS members and settled line by line in RITS.
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/strategic-issues-scope-of-migration.html