The Reserve Bank of Australia will begin considering ways to modernize the nation’s interbank settlement system, which processes about AUD 300 billion in daily transactions, starting next year, Governor Michele Bullock said in a speech Friday. “Our payments system must remain safe, reliable, low-cost and easy to use – but also innovative and future-ready,” she stated, calling the effort “an economic imperative.” The review will explore upgrades to the Reserve Bank Information and Transfer System (RITS), including adopting modern data exchange methods, extending operating hours, and expanding settlements in central bank money. Bullock noted that while RITS remains secure and efficient, it must “stay fit-for-purpose not just now but into the future.”