The Australian payment, clearing and settlement systems contribute to the smooth functioning of the economy by providing a service that is safe, efficient, and reliable.

The environment consists of five main categories of payments and related systems for clearing and settlement:

• Cash transactions, including notes and coins, are cleared via the Australian Cash Distribution Exchange System (ACDES)
• Paper transactions, encompassing cheques and other paper based instruments, are cleared via the Australian Paper Clearing System (APCS)
• Direct entry transactions, including direct entry (DE) credit and debit, and electronic data interchange (EDI), are cleared via the Build Electronic Clearing System (BECS)
• Consumer electronic transactions, which covers automated teller machines (ATMs), credit and debit cards, electronic funds at point of sale (EFTPOS), and stored value cards (SMART cards etc.), are cleared via the Consumer Electronic Clearing System (CECS); and
• High-value electronic transactions, which encompasses Clearing House Electronic Subregister System (CHESS), Financial Transactions Recording and Clearance System (FINTRACS), Reserve Bank Information and Transfer System (RITS), and other high-value electronic payment streams, and are cleared via the High Value Clearing System (HVCS).

These systems have evolved and adapted for new products and technologies over time.