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The Reserve Bank of Australia has kicked off its seek for a buyer transaction processing and settlement system to assist new fee and transaction requirements from world physique SWIFT.
The central bank issued an expression of curiosity for the system on Friday in preparation for the once-in-a-generation migration to the ISO 20022 message requirements from late 2021 to 2025.
The open normal, which establishments within the UK and US have already begun to undertake, is anticipated to reinforce the information richness of transactional messaging throughout all funds globally.
The RBA and Australian Funds Council have been consulting with the funds trade over Australia’s migration since April 2019, and have lately decided the “scope of the … migration is the High Value Clearing System (HVCS)”.
The pair additionally plan to “support the migration of domestic payments messages to ISO 20022”, with the top of assist for home SWIFT Message Sort message deliberate for November 2024.
However the present system utilized by the bank to supply banking and securities custody providers to some 60 overseas establishments “does not support the new message formats” that will probably be required.
As such, it’s calling for an “internal system for managing the transactional activity” of its abroad clients that meets each the“new requirements as well as existing needs throughout a coexistence period” (November 2021 to November 2024).
The RBA stated the system could be used to handle settlement that would happen within the “domestic HVPS, Austraclear and other domestic payment streams such as the New Payments Platform (NPP)”.
“The system must 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,” the bank stated.
“It should also be scalable and be able to easily incorporate ISO 20022 message formats for securities messages in future if required.”
The system might want to combine with the RBA’s present banking, funds and ancillary programs and transactional channels, together with “cross-border payments, domestic wholesale RTGS, real-time domestic retail payments via NPP, and securities settlement in Austraclear”.
It should even be required to “monitor account balances in real-time and allow for review of transactions ahead of release” and “automatically map instructions received from customers to format that meets domestic settlement system requirements”.
Submissions to the EOI will shut June 16.