RBA to update transaction processing and settlement system for new payment streams

The Reserve Bank of Australia (RBA) is seeking to update its customer transaction processing and settlement system to manage the transactional activity of its 60 overseas customers for settlement in the domestic High-Value Payment System, Austraclear, and other domestic payment streams such as the New Payments Platform (NPP).

The RBA said seeking a new system is part of ongoing plans to migrate domestic payments messages to International Organization for Standardization (ISO) 20022 standard.

“The Reserve Bank’s existing system does not support the new message formats,” the RBA outlined in its invitation for EOIs.

It comes after SWIFT announced plans to migrate cross-border and correspondent banking payments to the ISO 20022 standard.

In announcing an invitation for expressions of interest (EOI), the RBA said the new internal system must be able to cater for the coexistence of SWIFT FIN messaging and the transition to ISO 20022 messaging standards for domestic and cross border payments and reporting plus (CBPR+) messages, and be able to easily incorporate ISO 20022 message formats for securities messages in the future if required.

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Source: RBA to update transaction processing and settlement system for new payment streams | ZDNet