2.1 Features of the new settlement system The introduction of the new interbank settlement system represents a major reengineering of the way in which banks exchange value amongst themselves.
It provides participating banks with a range of additional functions and business opportunities, including: •  Online real-time link between participating banks All banks participating in the new system are linked to an online real-time network provided by the Reserve Bank. These banks are able to link to the Reserve Bank service either directly or via Swift, the highly secure international funds transfer mechanism.