Reserve Bank of Australia




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PAYMENTS SYSTEM OPERATIONS


The core business of developing and managing payments clearing and settlement systems owned and operated by the Bank, such as the Reserve Bank Information Transfer System (RITS) and the Low Value Clearing Service (LVCS), and managing associated memberships to those payments clearing and settlement systems.

The core activities include:



  • negotiating, establishing and implementing agreements;

  • developing, implementing and reviewing regulations, policies and plans;

  • developing, implementing and reviewing procedures and guidelines;

  • participating in and managing committees, meetings and working groups;

  • establishing and managing memberships to payments clearing and settlement systems, including processing applications, verifying customer identification;

  • managing authorisations;

  • providing and/or receiving instructions, advice, briefings, reports and notifications regarding payments system operations and services;

  • settling interbank transactions;

  • developing business plans;

  • determining pricing for services;

  • monitoring systems to assess impacts on business operations and liquidity;

  • preparing and delivering speeches and presentations; and

  • liaising with external agencies, banks and approved institutions, in relation to payments clearing and settlement system operations, activities and services.

The performance of the core business is supported by general activities such as:

Cross references to other areas of this records authority

For the set-up of bank accounts for RITS members, such as Exchange Settlement Accounts, use BANKING OPERATIONS.

For clearing and settlement of transactions within systems, use BANKING OPERATIONS and/or FINANCIAL MARKET OPERATIONS.

For the designation of payment systems, the development of standards, benchmarks and access regimes for payment systems, the gathering of payments and payments system data, use PAYMENTS SYSTEM POLICY.

For drafting and production of the Reserve Bank Bulletin and the Quarterly Statement on Monetary Policy, use MONETARY POLICY.

For international committees, meetings and working groups, use INTERNATIONAL RELATIONS.

For recording, executing and settling banking transactions, the establishment of bank accounts, and the management of associated customer identification information, use BANKING OPERATIONS.

Cross references to AFDA Express records authority

For system helpdesk services, use TECHNOLOGY & TELECOMMUNICATIONS.

For the development, and management of systems hardware and software, use TECHNOLOGY & TELECOMMUNICATIONS.

For billing member services, use FINANCIAL MANAGEMENT.

For visits made by representatives of other government agencies, and interstate and overseas governments, use GOVERNMENT RELATIONS.

For advice, briefs and submissions to the portfolio Minister, cabinet submissions and the organisation’s participation in formal inquiries, use GOVERNMENT RELATIONS.

For visits made by non-government organisations, the public, students and academics, use COMMUNITY RELATIONS.

For media releases and statements, use COMMUNITY RELATIONS or GOVERNMENT RELATIONS.

For managing the acquisition of goods and services, including external consultants and service providers, use PROCUREMENT.

For internal and external audits across the Bank, use STRATEGIC MANAGEMENT.

Cross references to other records authorities

For records of the Reserve Bank Board, use GOVERNING BODIES.



Class no

Description of records

Disposal action

61631

The following significant records documenting:

  • intergovernmental and other high-level agreements, such as bilateral agreements and memorandums of understanding with states, territories and financial institutions, including those establishing principles, processes and responsibilities for managing payment systems in Australia;

  • high-level internal and external committees, meetings and working groups where the Bank is the lead organisation, is the Commonwealth’s main representative, provides the chair or secretariat, or has a leading role in deliberations. Includes high-level committees that discuss the introduction and development of significant or innovative payments (eg the Reserve Bank Information Transfer System);

  • final versions of speeches and presentations made by the Governor, Deputy Governor, Assistant Governors or Department Heads.

  • development and review of regulations, high-level plans and policies associated with the operation of and membership to the Bank’s payment systems, such as conditions of operation and pricing policies. Includes milestone drafts, feedback, and final versions of regulations and policies;

[For individual membership records, use class 61632]

  • high-level reviews of the core business. Includes final review reports, milestone drafts, recommendations, feedback, submissions and supporting research;

  • high-level advice, reports, briefings and liaison which document proposals or decisions relating to significant changes and/or developments to payments clearing and settlement systems owned and operated by the Bank; and

  • master version of agency external publications.

Retain as national archives

61632

Records documenting:

  • establishment and set up of individual memberships to payments systems, including initial meetings with members, notices to apply, and applications for membership and participation in payments settlements systems. Also includes records documenting the identification of customers, such as Know Your Customer (KYC) identification forms and checklists and associated supporting documentation, and advice received regarding changes to identification details; and

  • agreements with and authorised signatories for members, administrators and/or operators relating to the use and management of payment clearing and settlement systems, such as member agreements, batch administrator agreements and facilities agreements, and associated authorisations.

Destroy 10 years after the relationship with the customer, member, administrator, or operator ceases

61633

Records documenting:

  • arrangements for committees, meetings and working groups; and

  • receipt and handling of general enquiries which require a standard/routine response.

Destroy 2 years after action completed

61634

Records documenting:

  • routine operational administrative tasks supporting the core business; and

  • payment systems operations activities, other than those covered in classes 61631 to 61633.

Destroy 10 years after action completed

PAYMENTS SYSTEM POLICY


The core business of promoting efficiency and competition in the payments system, consistent with the overall stability of the financial system, and providing oversight for payments clearing and settlement systems in Australia.

The core activities include:



  • designating payment systems;

  • developing and reviewing standards, benchmarks and access regimes for payment systems;

  • developing, implementing and reviewing policies and programs;

  • providing payment system participants with exemptions to comply with payment system rules and requirements;

  • granting approvals to real-time gross settlement systems (RTGS) and multilateral netting arrangements;

  • making determinations in relation to ‘recognised’ settlement systems;

  • receiving written undertakings from payment system participants;

  • arbitrating disputes;

  • giving and revoking directions to comply with standards, access regimes and authorisation conditions;

  • authorising holders of a stored value of a purchased payment facility;

  • gathering data about a payment system or payment system participants;

  • preparing annual regulatory plans;

  • determining financial stability standards for clearing and settlement facilities;

  • carrying out assessments;

  • negotiating, establishing and implementing agreements;

  • participating in and managing in committees, meetings and working groups;

  • preparing and delivering speeches and presentations;

  • providing and receiving advice, briefings and reports;

  • hosting, arranging and managing conferences, roundtables and workshops; and

  • liaising with external agencies, institutions, academics and the wider community in relation to payments system policy matters.

    The performance of the core business is supported by general activities such as:



  • receiving and responding to enquiries;

  • developing and maintaining internal operating policies and procedures; and

  • reviewing.

Cross references to other areas of this records authority

For the establishment, operation and ongoing business management of the Reserve Bank Information and Transfer Systems (RITS), including managing system memberships, use PAYMENT SYSTEM OPERATIONS.

For international committees, meetings, working groups, and relations with international bodies, use INTERNATIONAL RELATIONS.

For monitoring and maintaining the stability of the financial system, including mitigating the risk of financial disturbances, and responding to financial disturbances should they occur, use FINANCIAL SYSTEM STABILITY.

    Cross references to AFDA Express records authority

For visits made by representatives of other government agencies, and interstate and overseas governments, use GOVERNMENT RELATIONS.

For visits made by non-government organisations, the public, students and academics, use COMMUNITY RELATIONS.

For contributions to parliamentary inquiries or submissions provided to other government organisations, use GOVERNMENT RELATIONS.

For media releases and statements, use COMMUNITY RELATIONS or GOVERNMENT RELATIONS

For the management of special occasions, ceremonies or celebrations to honour a particular event, such as the Bank’s 50th anniversary, use COMMUNITY RELATIONS.

For legal proceedings relating to disputes associated with designated payment systems, use LEGAL SERVICES.

    For managing the acquisition of goods and services, including external consultants and service providers, use PROCUREMENT.

For internal and external audits across the Bank, use STRATEGIC MANAGEMENT.

    Cross references to other records authorities

    For records of the Reserve Bank Board or the Payment Systems Board, use GOVERNING BODIES.

Class no

Description of records

Disposal action

61635

The following significant records documenting:

  • intergovernmental and other high-level agreements, such as bilateral agreements and memorandums of understanding with other domestic and overseas regulators, including those agreements which establish principles, processes, responsibilities and frameworks for managing and ensuring access, competition and efficiency in the payments system, and oversight of clearing and settlement facilities;

  • high-level internal and external committees, meetings and working groups where the Bank is the lead organisation, is the Commonwealth’s main representative, provides the chair or secretariat, or has a leading role in deliberations;

  • developing, implementing and reviewing high-level payments systems policies and programs. Includes final versions, milestone drafts, stakeholder consultation and supporting research;

  • high-level advice, briefings and reports to or from the Board, Governors, the Treasurer, Ministers and other key stakeholders relating to payments system policy matters. Includes final and/or summary assessment reports, or advice and recommendations relating to licensed clearing and settlement facilities, licence applications, systemically important payment systems and sufficient equivalence assessments. Also includes milestone drafts, stakeholder consultations and supporting research;

  • final versions of speeches and presentations made by the Governor, Deputy Governor, Assistant Governors or Department Heads;

  • final versions of the proceedings, reports, speeches and papers of conferences, roundtables and workshops hosted by the Bank;

  • designation of payment systems, including final versions of research papers and strategic reviews of payment systems, issues papers, discussion papers, minutes and papers of policy meetings, and notices announcing decisions to designate systems. Includes summaries of stakeholder consultation and supporting research;

  • development and review of payment system standards (eg Financial Stability Standards), benchmarks, and access regimes, including issues papers, discussion papers, regulatory impact statements, final standards and associated guidance, benchmarks and decisions to impose access regimes, and associated notices. Includes final versions, milestone drafts, stakeholder consultation and supporting research;

  • high-level reviews of the core business. Includes final review reports, milestone drafts, recommendations, stakeholder consultations, submissions and supporting research;

  • statistical data gathered by the Bank for the purposes of analysing payments systems, clearing and settlement facilities, or payment system participants. Includes statistical collections and databases in relation to credit and charge cards, ATM cash withdrawals, merchant fees etc;

  • disputes heard by the Federal Court relating to denied access to a designated payment system; and

  • master version of agency external publications.

Retain as national archives

61636

Records documenting:

  • applications, letters, assessments, declarations and notices associated with the authorisation of holders of stored value of a purchased payment facility and provision of exemptions to payments system participants to comply with requirements outlined in access regimes, legislation, regulations and other legislative instruments;

  • granting approvals to real-time gross settlement systems (RTGS) and multilateral netting arrangements, including applications, letters, assessments, regulatory impact statements, and letters of approval;

  • application, assessment and issue of determinations in relation to ‘recognised settlement systems’;

  • written undertakings received by the Bank documenting voluntary agreements by payments system participants to comply with standards, access regimes, or other rules and conditions and authorities imposed on payment systems; and

  • Bank arbitration of disputes in relation to a designated payments system not covered in class 61635, including requests for arbitration, agreements to the Bank’s arbitration arrangements, and records documenting the outcome of arbitration.

Destroy 50 years after action completed

61637

Data purchased by the Bank from external providers, which are subject to terms and conditions of licensing agreements and/or confidentiality arrangements.

Destroy in accordance with associated agreement terms and conditions

61638

Records documenting:

  • data requests and returns, notifications of changes/amendments to statistical data, including data revisions, and statistical spreadsheets, tables or graphs used to analyse data;

  • the receipt and handling of general enquiries which require a standard/routine response; and

  • final versions of internal operational policies and procedures supporting the core business.

Destroy 2 years after action completed

61639

Records documenting:

  • routine operational administrative tasks supporting the core business; and

  • payment system policy activities, other than those covered in classes 61635to 61638.

Destroy 10 years after action completed

STATUTORY APPOINTMENTS


The core business associated with managing statutory appointments and terms and conditions of statutory appointees, including the Governor and Deputy Governor.

The core activities include:



  • appointments, agreements and separations;

  • administration of remuneration, allowances, leave, declarations of interest, training and development, and travel arrangements; and

  • managing consolidated records of correspondence from and to the Governor and/or Deputy Governor (chronological file).

Cross references to AFDA Express records authority

For remuneration or travel of statutory appointees, including expenditure approvals and payment records, use FINANCIAL MANAGEMENT.

For statutory appointee visits by or to other government agencies and interstate and overseas governments, use GOVERNMENT RELATIONS.

For statutory appointee visits to or by non-government organisations, the public, students and academics, use COMMUNITY RELATIONS.

For internal and external audits across the Bank, use STRATEGIC MANAGEMENT.

Cross references to other records authorities

For managing appointments to governing bodies, use GOVERNING BODIES.

Class no

Description of records

Disposal action

61640

The following significant records documenting:

  • consolidated employment history of individuals appointed to statutory positions. Includes: instruments of appointment; declarations of interest; summary records of leave; legal advice regarding employment conditions; payment history records; training and professional development; and retirement and separation records;

  • chronological files of the Governor and Deputy Governor providing a consolidated history of advice and correspondence provided to or received from statutory appointees.

Retain as national archives

61641

Appointment notices and details of remuneration levels from the Treasurer.

Destroy 20 years after action completed

61642

Records documenting:

  • routine operational administrative tasks supporting the core business; and

  • statutory appointments activities, other than those covered in classes 61640 to 61641.

Destroy 10 years after action completed


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