What is the name of the RTGS payment system used in Australia?

The Reserve Bank Information and Transfer System (RITS) is the RTGS payment system used in Australia. It was established by the Reserve Bank of Australia to facilitate the real-time gross settlement of high-value payments. RITS allows participants to settle payments in central bank money, which is crucial for ensuring the stability and efficiency of the Australian payments system.

RITS operates continuously during designated hours, enabling immediate settlement of payments without the risk of default between the transmitting and receiving banks. It is essential for facilitating interbank transactions and managing liquidity among participants, contributing to a robust financial system.

Other payment systems listed, such as CHATS, TARGET2, and Fedwire, serve different markets and functions. CHATS is related to Hong Kong, TARGET2 pertains to the European Union, and Fedwire functions within the US payment landscape, each operating under their respective regulatory frameworks and systems. Understanding the specific contexts of these systems helps clarify why RITS is recognized as the primary RTGS framework in Australia.