The important characteristic of a stored value card issued by a financial institution is that its use creates the need for clearing and settling. Austraclear is an unlisted public company. Non-bank members arrange for bank members to make required payments for security purchases. The interbank payments then become irrevocable as do the underlying trades. Austraclear also provides its members with the ability to transfer cash, one to the other, without there being an underlying security transaction.
Transactions are irrevocable when made.
Credit unions and building societies may use their SSP member. RITS has a particular role in the settlement process. High Value Electronic Payments APCA's High Value Clearing System provides a highly secure electronic payments mechanism for Australian financial institutions. Members of the HVCS comprise parties which hold exchange settlement accounts with the Reserve Bank, as well as the Reserve Bank itself. This covers all banks and two Special Service Providers to the building society and credit union industries.