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RBA Glossary definition for settlement

settlement – The discharge of obligations arising from fund transfers between two or more parties.

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Summary

11 Feb 2020 DOCX 175KB
industry specific service (eg preferred currency, tipping or health fund related payment services), same day settlement, 24/7 service support across the markets in which we operate, high levels of security
https://www.rba.gov.au/payments-and-infrastructure/submissions/review-of-retail-payments-regulation/anz.DOCX

19 February 2020 Tony Richards Head of Payments Policy ...

19 Feb 2020 DOCX 95KB
We also act as settlement agent for many of our clients through our Exchange Settlement Account with the RBA.
https://www.rba.gov.au/payments-and-infrastructure/submissions/review-of-retail-payments-regulation/cuscal.DOCX