SFE Austraclear is the central settlement facilitator between Land Exchange, Resrve Bank and financial institutions (FI).
Briefly:
SFE Austraclear receives the financial settlment data related to each Electronic Lodgement File (ELF) marked as ready for settlement. This is sent in batches by Land Exchange.
After validating each file (including the sender, file contents and associated digital certificates), Austraclear repackage it and calculate the aggregate position of each FI involved in the batch.
Once this is complete, Austraclear will send the financial details of each FI's aggregate position to the bank responsible for the ultimate settlement. Simultaneously they send the aggregate position batch of all FI's to the RBA for processing. Once authorised by the RBA, Austraclear advises Land Exchange that final and irrevocable settlement of the ELF's contained in the batch has been achieved and that the transfers can occur.
At this point RBA confirms settlement, the banks are able to post the cleared funds across their various customer and internal settlement bank accounts.
A full description is contained in the December 05 newsletter of Land Exchange
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