High Value payments are generally made between financial institutions either for themselves or on behalf of corporate customers. About 90% by value of the total payments made in Australia each day are "high value" payments.
The exchanging of high value payments is managed by the High Value Clearing System (HVCS). The objective of the HVCS is to provide a best practice, efficient and highly secure electronic payments system for the Australian finance industry.
The mechanism for HVCS Framework Participants exchanging payments with each other is the SWIFT Payment Delivery System (PDS) and each payment is settled individually using the Reserve Bank Information and Transfer System (RITS).
HVCS Framework Participants each hold an exchange settlement account (ESA) within RITS and settle directly for their own transactions. Settlement of HVCS payments occurs on a real time (ie. immediate) basis.