High Value


High value payments are generally made between financial institutions either for themselves or for corporate customers including overseas banks.

As indicated by "high value", these types of payments are typically for large amounts and are time critical. The average high value payment is close to $5 million, but smaller-medium sized payments are also processed through the high value system. Around $100 billion or 70% by value of the total non-cash payments made in Australia each day are high value payments.

High value payments are mainly for the Australian dollar component of foreign exchange transactions. Payment details are sent and verified through the Payment Delivery System (PDS) provided by SWIFT and each payment is settled individually using the Reserve Bank Information and Transfer System (RITS).

High value payments are irrevocable. Each financial institution holds an exchange settlement account within RITS and payment is settled across these accounts on a real-time basis. As the funds are settled at the same time as the payment detail is transferred, settlement risk is reduced.

APCA's High Value Clearing System (HVCS) provides rules and procedures for the exchange of SWIFT PDS payments. It provides a best practice, efficient and highly secure electronic payments mechanism for the Australian finance industry