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RBA Glossary definition for SWIFT

SWIFT – Society for Worldwide Interbank Financial Telecommunication. A co-operative organisation that operates a network for the exchange of payment and other financial messages between financial institutions.

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4. Financial Market Infrastructures

21 Oct 2021 PSB Annual Report – 2021
SWIFT provides critical messaging and connectivity services to both RITS and CLS, as well as other FMIs and market participants in Australia and overseas. ... The G10 central banks oversee SWIFT through the SWIFT Cooperative Oversight Group (OG).

Oversight of High-value Payment Systems

12 Sep 2014 PSB Annual Report – 2014
SWIFT also provides critical services to other FMIs and many other market participants. ... The OG has also increased its monitoring of cyber security initiatives at SWIFT.

Oversight of High-value Payment Systems

2 Oct 2013 PSB Annual Report – 2013
In Australia, SWIFT is a core component for communication between important payment and settlement systems (i.e. ... In its capacity as a member of the SOF, the Bank receives SWIFT's annual self-assessment against the HLEs.

Appendix A: Background Information | 2015 Assessment of the Reserve Bank Information and Transfer System

9 Mar 2023
This functionality can be accessed through either the RITS User Interface or via SWIFT messages. ... in April); these remain the times when settlement of SWIFT and Austraclear transactions ceases.

Oversight of High-value Payments Systems

10 Sep 2012 PSB Annual Report – 2012
SWIFT messaging is employed by more than 9,500 financial institutions globally, including many financial market infrastructures such as RITS. ... This new tier – the SWIFT Oversight Forum – comprises representatives from 25 central banks and monetary

Appendix A: Background Information | 2021 Assessment of the Reserve Bank Information and Transfer System

9 Mar 2023
This functionality can be accessed through either the RITS User Interface or via SWIFT messages. ... b). Austraclear. (b). (a) Includes all batch transactions, LVSS, SWIFT, Austraclear, cash transfers.

Oversight of High-value Payment Systems

9 Oct 2015 PSB Annual Report – 2015
Consequently, the Reserve Bank participates in international cooperative arrangements that facilitate oversight of SWIFT. ... Since SWIFT is incorporated in Belgium, the OG is chaired by the National Bank of Belgium.

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

31 Dec 2002 Consultations
The SWIFT Payment Delivery System (PDS), covering clearing and settlement messaging between HVCS members. ... RITS Batch settlement arrangements that use SWIFT MT messaging (i.e. Mastercard, eftpos, and CHESS).

Real-time Gross Settlement in Australia

10 Sep 2010 Bulletin – September 2010
Peter Gallagher, Jon Gauntlett and David Sunner
These are made using the SWIFT Payment Delivery System (PDS), administered by the Australian Payments Clearing Association. ... These payments are predominantly small-value SWIFT customer payments. Graph 7. In contrast, settled payment values show two

Domestic Economic Conditions

5 Nov 2020 SMP – November 2020
Statement on Monetary Policy – November 20203. Domestic Economic Conditions. A recovery in economic activity is underway across the country, but is proceeding at an uneven pace. Some industries remain constrained by mandated and voluntary social