Fast Settlement Service

The Fast Settlement Service (FSS) is a service of RITS that provides real-time line-by-line settlement of individual New Payments Platform (NPP) payments in ESA funds on a 24/7 basis. The FSS is a part of RITS, but processes transactions separately from the RITS System Queue, which tests and settles other RITS transactions (RITS cash transfers, SWIFT PDS, Austraclear, batches).

The NPP is a payment system operated by NPP Australia Limited which allows Australian government entities, businesses and consumers to make fast, versatile and data-rich ISO20022 payments to each other on a continuous basis. The NPP infrastructure includes the Basic Infrastructure (BI) and Overlay Services. Refer to www.nppa.com.au for further details on the NPP.

The FSS Information Paper for RITS Members (PDF) contains a consolidated summary of FSS business functionality. Other relevant information may be found in RITS User Guides such as the Overview of Functionality User Guide and the ESA Management User Guide.

The FSS Participant Setup Form (PDF) is used by active ESA Holders to apply for participation in the FSS. The FSS Participant Setup Guide (PDF) sets out the information that each FSS Participant must provide to the RITS Help Desk to facilitate their setup in the RITS Production Environment. It should be read in conjunction with the FSS Participant Setup Form (PDF) and the FSS Readiness Declaration (available on request).