Members need to be engaging in interchange activities in either the capacity of an acquirer or an issuer of cards, or represent one or more acquirers or issuers and effect settlement directly. It provides a best practice, efficient and highly secure electronic payments mechanism for the Australian finance industry. RITS settles the payment and forwards a settlement response to FIN-Copy. FIN-Copy matches the settlement response it receives to the queued payment. It then forwards the completed payment to the participating member which is to receive the payment.
All members settle directly for their own transactions.
Participating members in the HVCS comprise all parties which hold exchange settlement accounts with the Reserve Bank, as well as the Reserve Bank. The rules of the HVCS have been approved by the Reserve Bank as a multilateral netting arrangement under the Payment Systems and Netting Act 1998. The approved gives greater certainty that the multilateral netting undertaken in the HVCS, in a fall-back situation, will survive should one of the participants in the system become insolvent.