Continuous Linked Settlement:
RITS Session Times and Operational Arrangements – July 2015 6. Contingency Arrangements

The Bank, in conjunction with CLS and Australian settlement member banks, has developed contingency arrangements to provide for continued transactions with CLS in the event that normal pay-in-out transactions across the SWIFT PDS are not available.

Pay-ins and pay-outs must occur on an RTGS basis, so RITS cash transfers will be used to facilitate these transactions if SWIFT PDS payments are not possible, either for a single participant or more broadly. The Reserve Bank will enter CLS Bank's side of RITS cash transfers. A separate faxed advice will also be required to provide the customer details for the payment that would normally be included in the SWIFT message. For example, an Australian bank may be acting as AUD nostro for an American bank. To minimise the CLS message authentication task, the Reserve Bank will act as the central contact point for these faxes.

AUD Payment Contingency Procedures have been issued to all CLS participants and are available on the RITS Information Facility.