ASX Austraclear (Austraclear) is the provider of the Austraclear EC Settlement Facility for Electronic Conveyancing (EC) in Victoria. This settlement service is separate from the traditional Austraclear system.
The Victorian EC system allows for the electronic processing of property settlement transactions in Victoria and Austraclear facilitates the related financial settlements on a real time basis via the Reserve Bank Information and Transfer System (RITS). For regulatory reasons a financial institution user of the EC Settlement Facility must apply for admission to Austraclear as a Payment Provider. Only an approved Payment Provider can directly make or receive property settlement related payments through this platform.
There are two types of payment provider within the EC Settlement Facility - an Electronic Conveyancing Participating Bank (ECPB) and a Non-ECPB. The primary difference between the two categories is that ECPBs have an Exchange Settlement Account with the Reserve Bank of Australia while Non-ECPBs do not.
For further information on the Austraclear EC Settlement Facility or on becoming a Payment Provider; please contact Rohan Delilkhan, Senior Manager Interest Rate Markets at Rohan.Delilkhan@asx.com.au.
The following are the current approved Payment Providers in the Austraclear EC Settlement Facility:
* Bendigo Bank Limited
* CUSCAL Limited
* MECU Limited
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