"High-value payments total around $122 billion every day, but only number about 38,000 transactions."
High value payments are generally made between financial institutions either for themselves or for their corporate customers including overseas banks.
Payments made through the system are mainly for the Australian dollar leg of foreign exchange transactions. High-value payments:
AusPayNet sets the rules and procedures for the High Value Clearing System (HVCS). The objective is to provide a best practice, efficient and highly secure electronic payments system for the Australian finance industry.
In February 2020, the RBA appointed AusPayNet as the central coordination authority in a major industry program to migrate HVCS messaging to ISO 20022. More information is available here.
112 months to end April 2021
HVCS provides a best practice, efficient and highly secure electronic payments system for the Australian finance industry.
Financial institutions exchange high value payments in HVCS using the SWIFT Payment Delivery System (PDS). Each payment is settled individually using the Reserve Bank Information and Transfer System (RITS).
Each financial institution holds an exchange settlement account within RITS and payment is settled across these accounts on a real-time basis. As the funds are settled at the same time as the payment detail is transferred, settlement risk is reduced.