Search: RITS
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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The Australian Financial System
6 Apr 2023
FSR
– April 2023
The Australian Financial System | Financial Stability Review – April 2023
https://www.rba.gov.au/publications/fsr/2023/apr/australian-financial-system.html
The Australian Financial System
8 Apr 2022
FSR
– April 2022
The Reserve Bank Information and Transfer System (RITS) settles high-value payments between Australian banks, FMIs and other payment service providers. ... In December 2021, RITS issued revised Business Continuity and Security Standards, which include
https://www.rba.gov.au/publications/fsr/2022/apr/australian-financial-system.html
Box C: Building Resilience to Cyber Risks
8 Apr 2022
FSR
– April 2022
Its operator role means that the Bank also supports broader initiatives that engage RITS members, including contingency exercises with industry participants. ... As a user of the SWIFT network and RITS operator, the Bank is compliant with SWIFT's
https://www.rba.gov.au/publications/fsr/2022/apr/box-c-building-resilience-to-cyber-risks.html
The Australian Financial System
8 Oct 2021
FSR
– October 2021
The Bank's 2021 assessment of Australia's high-value payment system – the Reserve Bank Information and Transfer System (RITS) – noted the importance of completing a program of improvements to physical ... a short interruption to settlement in RITS.
https://www.rba.gov.au/publications/fsr/2021/oct/australian-financial-system.html
Domestic Regulatory Developments
8 Apr 2021
FSR
– April 2021
Kingdom. Endnotes. For more on e-conveyancing, see De Freitas G and E Fitzgerald (2021), ‘Property Settlement in RITS’, RBA.
https://www.rba.gov.au/publications/fsr/2021/apr/regulatory-developments.html
The Australian Financial System
8 Apr 2021
FSR
– April 2021
System (RITS). ... It is also implementing a program of improvements to its IT operational practices that include a number of initiatives aimed at enhancing the operational stability of RITS.
https://www.rba.gov.au/publications/fsr/2021/apr/australian-financial-system.html
The Australian Financial System
9 Oct 2020
FSR
– October 2020
RITS also introduced arrangements to reduce the risk that the pandemic will create operational challenges. ... The Bank also communicated with RITS members and major RITS feeder systems to ensure a clear understanding of the operational arrangements
https://www.rba.gov.au/publications/fsr/2020/oct/australian-financial-system.html
The Australian Financial System
4 Oct 2019
FSR
– October 2019
This incident resulted in power loss to most IT systems at the RBA's head office, including those supporting RITS. ... The RBA also conducts regular contingency testing with RITS members to maintain a high level of readiness to deal with operational
https://www.rba.gov.au/publications/fsr/2019/oct/australian-financial-system.html
The Australian Financial System
12 Apr 2019
FSR
– April 2019
This affected the Reserve Bank Information and Transfer System (RITS) and the Fast Settlement Service (FSS), which are used by banks and other approved institutions to settle payment obligations on a ... RITS. More than one year since its launch,
https://www.rba.gov.au/publications/fsr/2019/apr/australian-financial-system.html
Box D: Cyber Risk
20 Oct 2018
FSR
– October 2018
A similar review of RITS in 2017 found no significant issues with its cyber security arrangements. ... In recognition of this, RITS has recently been assessed as being compliant with various international standards.
https://www.rba.gov.au/publications/fsr/2018/oct/box-d.html