We administer Settlement Before Interchange (SBI) which is the SWIFT-based payment settlement and interchange system used by our BECS, CECS and PCS Participants (primarily banks). 

SBI enables Participants of these clearing systems to settle payments and, once this has occurred, exchange the payment information with other Participants throughout the business day on a bilateral basis. 

Settlement occurs multiple times throughout the business day and each settlement is closely followed by the exchange of the payment information (interchange) between Participants - Settlement Before Interchange.

For example, if you need to pay a business who's account is at another bank, you might set up a bill payment through your internet banking. Your bank will then take your payment request, along with those it has received from other customers, and create the payment instruction to send to the other bank. When this is sent, your bank pays the money to the other bank (called ‘settlement’) and once this payment between the two banks has occurred, the payment instructions are received and processed by the recipient's bank (called ‘interchange').

Related pages
  • Bulk Electronic Clearing System

    BECS governs how direct debits, automatic payments, bill payments, and direct credits work.

    Read more  
  • Consumer Electronic Clearing System

    CECS governs how consumer payments work, such as EFTPOS payments and mobile payments.

    Read more  
  • Paper Clearing System

    PCS governs how all paper-based payment instruments work, such as cheques.

    Read more