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.
Search Results
Payment Systems and Netting Act 1998: Approval of RITS and Austraclear
29 Oct 1998
Media Releases
The Payments System Board declares the Reserve Bank Information and Transfer System (RITS) and the Austraclear System (otherwise known as FINTRACS) are approved real-time gross settlement (RTGS) systems in terms of the Payment Systems and Netting
https://www.rba.gov.au/media-releases/1998/mr-98-15.html
Strengthening the RBA's Payments Infrastructure
30 May 2023
Media Releases
In January 2023, the Reserve Bank of Australia commissioned a comprehensive review of the operating environment supporting the Reserve Bank Information and Transfer System (RITS). This system is a critical part of Australias payments
https://www.rba.gov.au/media-releases/2023/mr-23-12.html
Final Incident Report – RBA Technology Outage on 12 October
28 Nov 2022
Media Releases
The Bank today released its Final Incident Report, RITS and FSS Incident - 12 October.
https://www.rba.gov.au/media-releases/2022/mr-22-40.html
Payments System Board Update: February 2024 Meeting
29 Feb 2024
Media Releases
Today’s Payments System Board meeting discussed the annual review of payment systems operating in Australia, the Advanced Encryption Standard (AES) migration, FMI regulatory reforms, payments regulatory reform, policy issues regarding mobile
https://www.rba.gov.au/media-releases/2024/mr-24-03.html
Appointment of Head of Payments Settlements Department
6 Nov 2023
Media Releases
Sarah Harris has been appointed to the position of Head of Payments Settlements at the Reserve Bank of Australia.
https://www.rba.gov.au/media-releases/2023/mr-23-29.html
Assessment of the Reserve Bank Information and Transfer System
15 Jun 2022
Media Releases
The Bank today released the 2022 Assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures (PFMI).
https://www.rba.gov.au/media-releases/2022/mr-22-15.html
Assessment of the Reserve Bank Information and Transfer System
16 Jun 2021
Media Releases
The Assessment discusses work underway to support the continued operational stability of RITS and to strengthen the oversight of external contractors conducting maintenance on critical infrastructure. ... The Assessment also recommends improvements to
https://www.rba.gov.au/media-releases/2021/mr-21-11.html
Technology Outage
13 Oct 2022
Media Releases
The Reserve Bank experienced a system issue yesterday evening which impacted the Fast Settlement Service (FSS) and the Low Value Clearing and Settlement Services (LVCS and LVSS).
https://www.rba.gov.au/media-releases/2022/mr-22-34.html
Payments System Board Update: November 2022 Meeting
24 Nov 2022
Media Releases
At its meeting today, the Payments System Board discussed the recent technology outage at the Bank, ASX CHESS replacement, cyber resilience at payments and market infrastructures, payments reforms including common access requirements, least-cost
https://www.rba.gov.au/media-releases/2022/mr-22-39.html
Payments System Issues: Exchange Settlement Account Policy
20 Mar 2018
Media Releases
The Reserve Bank has amended its Exchange Settlement Account policy to remove the requirement that all banks that use a settlement agent for real-time gross settlement transactions must maintain an ESA.
https://www.rba.gov.au/media-releases/2018/mr-18-06.html