Real-time Gross Settlement in Australia

Abstract

The introduction of real-time gross settlement (RTGS) in Australia in 1998 was a major reform to reduce risk in the Australian payments system. Since its introduction, the value of RTGS payments has grown by nearly 70 per cent and the number of these payments has more than doubled. The infrastructure is critical in facilitating the orderly settlement of payment obligations in Australia and it functioned smoothly during the recent global financial crisis.