Reserve Bank of AustraliaExhibition L4
The Reserve Bank of Australia (RBA) is Australia's central bank. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
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The Bank oversees the Australian payments system as a whole, with a formal regulatory role, to ensure that the infrastructure supporting the clearing and settlement of transactions in financial markets is operated in a way that promotes financial stability.
The Bank has an important operational role in the payments system through its ownership and management of the Reserve Bank Information and Transfer System (RITS), Australia's real-time gross settlement system.
The Bank collaborated with the industry on the New Payments Platform (NPP) that was launched in February 2018. The NPP is open access infrastructure for fast payments in Australia. The Bank built the settlement component of the NPP, the Fast Settlement Service (FSS), which allows transactions to be settled individually on a 24/7 basis, in close to real time.