Assessment of the Reserve Bank Information and Transfer System List of tables

Chapters

Table 1: Summary of Developments in Areas of Oversight Focus
Area of focus Developments
Progress in the implementation of recommendations arising out of completed reviews of RITS's cyber security and cyber resilience. The highest priority recommendations were implemented in early 2017, with a further 21 lower priority recommendations completed during the assessment period, and 35 expected to be addressed in the remainder of 2018. A small number of recommendations have been incorporated into related projects and, as such, their implementation may extend beyond 2018.
Progress in evaluating current and emerging technology that could enable further enhancements to the ability to recover RITS from cyber attacks in a timely manner. The Bank has completed the first stage of its evaluation, electing to further explore a technology option that is ‘non-similar’ to RITS but which could provide an additional recovery option.
Table 2: Ratings of Observance of the Principles(a)
Principle Rating
1. Legal basis; 2. Governance; 3. Comprehensive framework for the management of risks; 4. Credit risk; 5. Collateral; 7. Liquidity risk; 8. Settlement finality; 9. Money settlements; 13. Participant-default rules and procedures; 15. General business risk; 16. Custody and investment risks; 17. Operational risk; 18. Access and participation requirements; 19. Tiered participation requirements; 21. Efficiency and effectiveness; 22. Communication procedures and standards; 23. Disclosure of rules, key procedures, and market data Observed
12. Exchange-of-value settlement systems Not applicable
(a) Principles 6, 10, 11, 14, 20 and 24 are not relevant for payment systems.
Table A.1: Payments in Australia(a)
Daily average(b), April 2017–March 2018
  Number(c) '000s Value(c) $ billion Interbank settlement
value in RITS $ billion
RITS Wholesale RTGS 47.3 178.8 174.1
SWIFT payments (HVCS) 43.6 107.2 107.1
Debt securities (Austraclear)(d) 3.5 58.1 53.5
RITS cash transfers 0.2 13.5 13.5
CLS 56.7 274.1 2.8
Retail payments 50,391 69.9 4.7
Direct entry(e) 15,789.3 63.1  
Cheques 341.6 4.3  
Credit/charge cards 10,969.7 1.3  
Debit cards 23,290.4 1.2  
Equity settlements (CHESS) 1,153.8 4.9(f) 0.5
Property settlements (PEXA) 0.7 0.5 0.2(g)

(a) Excludes NPP payments as NPP was only launched in February 2018.
(b) Business days
(c) Includes payments between customers of the same financial institution
(d) Excludes intraday repurchase agreements
(e) Includes BPAY
(f) Gross value of equity trades
(g) Net value of property settlement batches; each property settlement batch may involve a number of payments

Sources: ASX; CLS; RBA
Table A.2: RITS Participation(a)
  Number of ESAs As at end March 2018 Number of payments(b) Per cent, year to end March 2018 Value(b) Per cent, year to end March 2018
Major domestic banks 4 61.8 52.2
Foreign institutions 34 32.4 38.5
Other domestic institutions 15 3.0 2.6
Clearing and settlement facilities and the Bank 5 2.8 6.7
Dormant accounts(c) 40 – –
Total 98 100.0 100.0

(a) Excludes RITS members that do not hold an ESA
(b) Outgoing payments
(c) Indirect RITS participants that maintain an ESA for contingency purposes

Source: RBA
Table A.3: RITS Availability
Per cent
  Bank-operated systems External feeder systems
2017 99.977 99.993
2016 99.992 99.984
2015 99.831 99.922
2014 99.976 99.987
2013 99.989 99.914

Source: RBA
Table A.4: List of Multilateral Net Batches in RITS
Linked system Underlying transaction types Governance and ownership
CHESS Batch Primarily equity security transactions The CHESS Batch is administered by ASX Settlement, which is owned by ASX Group. ASX Settlement is licensed as a clearing and settlement facility and is subject to the Bank's Financial Stability Standards for Securities Settlement Facilities.
Low Value Settlement Service Cheque, DE (including the BPAY system) and card transactions Each retail payment system has its own rules and procedures. These rules and procedures are determined by the system administrator (e.g. the Australian Payments Network), in consultation with its members.
MasterCard Batch MasterCard brand credit and debit card payments MasterCard is a privately owned company incorporated in the US and listed on the New York Stock Exchange.
PEXA Batches Property transactions PEXA is owned by the Victorian, New South Wales, Queensland and Western Australian governments, as well as a number of Australia's largest financial institutions.
eftpos Batch eftpos brand debit card payments The eftpos Batch is administered by the member-owned eftpos Payments Australia Limited.