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
10 Sep 2014
FSR
– September 2014
The Reserve Bank invests in regular upgrades to its systems to ensure that RITS maintains resilient operations. ... Enhancement to RITS functionality to support settlement of these transactions will be implemented in late 2014.
https://www.rba.gov.au/publications/fsr/2014/sep/aus-fin-sys.html
The Australian Financial System
20 Apr 2016
FSR
– April 2016
In addition to the regular assessment of RITS against the PFMI, projects are underway to review the system's resilience. ... RITS continues to be a secure system that meets international best practice and the needs of its participants.
https://www.rba.gov.au/publications/fsr/2016/apr/aus-fin-sys.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
10 Apr 2018
FSR
– April 2018
The Fast Settlement Service (FSS), a new component of RITS, facilitates the settlement of NPP payments on a 24/7 basis. ... RITS has exceeded its availability target over the past five years and in 2017 had only 15 minutes of downtime.
https://www.rba.gov.au/publications/fsr/2018/apr/australian-financial-system.html
The Australian Financial System
10 Feb 2020
FSR
April 2018
PDF
1279KB
https://www.rba.gov.au/publications/fsr/2018/apr/pdf/03-australian-financial-system.pdf
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
List of graphs
10 Sep 2014
FSR
– September 2014
Graph 2.20 Multilateral Net Settlement in RITS.
https://www.rba.gov.au/publications/fsr/2014/sep/graphs.html
Domestic Regulatory Developments
8 Apr 2021
FSR
- April 2021
PDF
260KB
https://www.rba.gov.au/publications/fsr/2021/apr/pdf/04-regulatory-developments.pdf
List of tables | Submission to the Financial System Inquiry March 2014 | Financial Sector | Submissions
1 Mar 2014
Submissions
b). Payment Systems. RITS. Settlement of high value payments (including for retail payment systems and other FMIs).
https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-2014-03/tables.html
Financial Stability Review - September 2005
26 Sep 2005
FSR
- September 2005
PDF
494KB
https://www.rba.gov.au/publications/fsr/2005/sep/pdf/0905.pdf