Austraclear provides a reliable, secure and independent way for participants to carry out high-value electronic cash transfers in real time.
Cash transfers are carried out through the Reserve Bank of Australia’s real time-gross settlement (RTGS) system. Austraclear processes over A$3 trillion in cash transfers every year.
Electronic cash transfers are a two-sided instruction match between payer and receiver. They can be bank-to-corporate (B2C), corporate-to-corporate (C2C) and bank-to-bank (B2B). The settlement of cash transfers is irrevocable once processed by RTGS.
All transfers are processed via the Austraclear system, one of the most commonly used and well-known electronic financial systems in Australia. In 2011, the Austraclear System achieved 99.89 percent system availability, a rating it has consistently met for several years.
Austraclear allows the participant to control the timing of the transfer. This helps manage liquidity and cash balances, and potentially avoid overdraft costs.
Transfers are made in real time. On receipt of the instruction from the participant to pay or receive funds, the request is electronically matched with the counterparty and immediately sent to the RTGS queue for settlement. The only factors impacting the timing of the settlement are the participants’ funding limits with the guarantor bank and/or their bank’s available liquidity in RTGS.
A comprehensive range of online enquiries and printed reports are available through Austraclear. Participants can view the status of all current transfers at any time. Reports are available for future and archived transfers.
Austraclear provides straight-through processing (STP) options for participants. Payment or receipt instructions can be automatically created from the Treasury processing systems and sent to the Austraclear System via SWIFT or Austraclear’s proprietary software Host-to-Host Link (HTHL). This process significantly reduces processing effort and operational risk.
To find out more about cash transfers, contact us.