Editing Financial system in Australia (section)

=== High value payments ===
High value payments (also known as CS4) are regulated by AusPayNet under the Regulations for High Value Clearing System Framework.<ref>{{Cite web |url=http://www.apca.com.au/docs/payment-systems/hvcs_regulations.pdf |title=Regulations for High Value Clearing System Framework (CS4), Australian Payments Clearing Association Limited: accessed 26 July 2015 |access-date=26 July 2015 |archive-date=5 March 2016 |archive-url=https://web.archive.org/web/20160305103649/http://www.apca.com.au/docs/payment-systems/hvcs_regulations.pdf |url-status=dead }}</ref> The main high value payment systems in Australia are:
* [[Society for Worldwide Interbank Financial Telecommunication]] Payment Delivery System (SWIFT PDS)
* [[Clearing House Electronic Subregister System]] (CHESS): CHESS is an automated share [[Transfer agent|transfer]] and [[Settlement (finance)|settlement]]  system developed by the [[Australian Securities Exchange]]. For a CHESS transaction, an interbank request is sent to RITS via SWIFT FIN, the service which sends financial information from one financial institution to another.<ref>[http://searchfinancialapplications.techtarget.com/definition/SWIFT-FIN-message What is SWIFT-FIN message?]</ref> When RITS notifies CHESS of settlement of the gross amount across ESAs, CHESS finalises the transaction by transferring share holdings at the participant level.
* Financial Transactions Recording and Clearance System (FINTRACS)
* [[Reserve Bank of Australia|Reserve Bank]] Information and Transfer System (RITS) is used by banks and other approved institutions to settle their payment obligations on a [[real-time gross settlement]] (RTGS) basis.<ref>{{Cite web |url=http://www.rba.gov.au/payments-system/rits/ |title=About RITS |access-date=2015-10-10 |archive-url=https://web.archive.org/web/20151023051413/http://www.rba.gov.au/payments-system/rits/ |archive-date=2015-10-23 |url-status=dead }}</ref> Final and irrevocable settlement is achieved by the simultaneous crediting and debiting of Exchange Settlement Accounts (ESAs) held at the Reserve Bank.