On 21 March 2012 the ACCC proposed to grant reauthorisation to the High Value Clearing System (HVCS) Regulations and Procedures, operated by the Australian Payments Clearing Association (APCA). APCA co-ordinates and manages payments clearing and settlement systems including the HVCS. The HVCS provides a framework within which financial institutions involved in high volume transactions can electronically exchange high value payments.
The proposed reauthorisation covers the suspension and termination of HVCS membership and the requirement that members use the SWIFT payment delivery system in clearing and settling payments. SWIFT is a centralised payment delivery mechanism which enables members to send and receive payments from all other members using it.
The ACCC considers the reauthorisation will improve HVCS members' confidence, and in turn will benefit the public by contributing to the integrity and efficacy of the HVCS.