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High Value Clearing System regulations and procedures reauthorized by ACCC

 |  May 2, 2012

The Australian Competition and Consumer Commission has granted reauthorization to certain regulations and procedures of the High Value Clearing System (HVCS). Financial institutions electronically exchange high-value payments on HVCS, which is operated by the Australian Payments Clearing Association. Regulations concerning suspension and termination of HVCS membership have been reauthorized, as well as a requirement that HVCS members use the SWIFT payment delivery system in clearing and settling payments.

The ACCC based its reauthorization decision on its belief that the regulations will create greater member confidence in the HVCS and provide economies of scale through SWIFT membership.

The reauthorization is in effect for ten years.

Full content: ACCC Press Release


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