RITS Reserve Bank Information and Transfer System RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 Welcome to the second RITS User Interface Project: Member Information Paper. This edition updates you on project developments since the first Member Information Paper issued in July 2004 and our correspondence with Members in December 2004. In our December letter, the RBA wrote to all Members requesting their assistance in “cleaning up” unused branches and users in RITS prior to the implementation of the new interface. This process is nearly complete, and we thank Members for their co-operation, especially where new company and/or personal logons were required. In that letter, we also asked Members to provide us with business and technical contacts for the project. This Member Information Paper has been sent (including via email) to those contacts as well as banks’ normal RTGS operations and liquidity contacts. We are following up with Members that have not yet provided user interface project contacts. The RITS User Interface Project: Technical Information Paper is also enclosed. It provides details of the technical requirements necessary for users to successfully access RITS using the new interface. It is directed at Members’ technical contacts, and will be updated periodically as required. CHANGED TIMETABLE AND MIGRATION STRATEGY There has been a significant change to the project migration strategy and timetable previously advised to Members. This change reflects work required to develop the framework for digital certificates on tokens (described later) and a decision to allow a flexible migration to the new RITS user interface, instead of a cut-over by all Members at around the same time. Under the new approach, Members will be able to choose an implementation window (for Phase 1 functionality) that is most convenient to them in the light of other work priorities, including participant activity related to the SFE’s Austraclear project. The new user interface will still be delivered in two phases, with the main functions covering most of the day-to-day operational tasks available first. Less frequently used functions (including reporting and tender bidding) will be available in Phase 2, and will continue to be accessed via the existing interface until Phase 2 migration. Current planning is for Phase 1 functionality to be implemented by internal RBA users of RITS in the fourth quarter of this year. A very small number of Members may be asked to become “early adopters” and will commence their migration activities in Q4 2005. Migration for other Members is expected to be in the first half of 2006. There will be no compulsory Member migration activity in 2005. A detailed timetable with migration windows will be provided in the next Member Information Paper. June 2005 1 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 MIGRATION STEPS There will be several stages in Member migration activity. Members will first install some user software and perform basic connectivity testing to prove connectivity from a PC at the Member’s site to a test page at the RBA. This will ensure that all of the required software has been installed correctly on the PC and that they have successfully connected through relevant firewalls and networks to the RBA. The RITS Help Desk will then set up the Member on the Pre-production Environment that will be used for user training and other familiarisation activities. Members will receive information on the new functionality via user guides and training. All users will need to be provided with security tokens and enrol for a digital certificate (further details provided in the Enhanced Security for RITS section below) to be generated on that token. This access credential, in addition to a RITS user id (e.g. BANK2E01) and password, will be required in order to access the new environments. Members’ Password Administrators will be enrolled first, to enable them to facilitate the enrolment of other users of the Member and perform some user administration activities, such as allocating the new roles to users. Users will then be able to enter transactions into the Pre-production Environment and familiarise themselves with the new screens. When Members are ready, they will contact the RBA to arrange a date to cut-over to the new interface for production activity. The certificates issued earlier will be valid on both environments, but user roles will need to be allocated separately for Production. Any Member that wishes to participate as an early adopter should contact the RBA. Refer to the back page of this document for contact details. BUSINESS FOCUS GROUP LIAISON The Bank met with the Business Focus Group in August 2004 to outline the project and to discuss ideas and issues raised earlier by the Group. Four key screens were presented to demonstrate the improvements in provision of information to users that are possible in the new interface. In November 2004, the Bank provided the Group with a project update and an explanation of how the new menu for the selection of functions was being developed. Discussions with representatives on the Group have been very valuable and we thank them for their contribution. These discussions have assisted in the provision of many of the new features and improvements outlined below. June 2005 2 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 KEY FEATURES OF THE NEW INTERFACE As a general principle, the new interface screens have been designed to be more intuitive, make the performance of tasks more efficient, and to provide better information for users. In some cases, information from multiple “old” functions has been consolidated in one screen, avoiding the need to switch back and forth between functions. This and other main features described below are expected to provide significant benefits to users. • A menu-driven structure enables users to quickly navigate to required functionality without remembering often cryptic function names. The proposed menu is shown later in this document. • An ESA Position screen consolidates all the information available within RITS that influence a bank’s overall ESA position – i.e. the current ESA balance, ESA Sub-Limit, active ESA balance, 9am batch amount, the number and value of queued payments in and out, and RBA Repo activity undertaken during the day. A Calculated Net ESA Position derived from the above information is also displayed to assist banks’ liquidity managers. • This Calculated Net ESA Position is also displayed on the Queued Payments Management ESA/Credit screen. This screen combines the functionality equivalent to ESQM, CRQM, and the “enquiry only” versions ESQMQ and CRQMQ. (Note that user privileges determine what functionality is available to each user and eliminate the need for dedicated “enquiry versions” of functionality.) • Multiple status updates will be possible using the Queued Payments Management ESA/Credit and Queued Payments Management Cash Account (previously QM) screens. Previously only a single update could be submitted at a time. • Outward payments and negative amounts are displayed in red, and with negative signs dependent on the context (see the sample Queued Payments screen). • Data displayed in lists can be downloaded directly to Excel. • Entry of counterparty and bank mnemonics is assisted by an auto-populate feature. • Payments that must be settled before 5.15 p.m. can be filtered in the Queued Payments screens. • In Phase 2, it is planned to add additional features. One such feature planned is to provide information on banks’ SWIFT messages (SWIFT PDS and AIF). This information is currently only available to the RBA, and will enable banks’ back office staff to monitor their SWIFT message activity if it is not readily available from their own systems. June 2005 3 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 SAMPLE SCREENS Sample screens for the ESA Position monitor and Queued Payments Management – ESA/Credit follow in order to demonstrate the look of the new interface and to show some of the improvements it offers. ESA Position monitor As noted earlier, this screen draws together current information from RITS on the factors that affect an ESA. It should be emphasised that this is not intended to provide a complete picture of a bank’s position. It cannot, for example, take account of transactions that have not yet been sent to RITS for settlement. Calculations are also affected by any RBA Repos that “went overnight” the previous day – full information on RBA Repos must still be obtained from the Austraclear System. With these limitations in mind, this screen nevertheless provides a consolidated view of the information available in RITS, to reduce the need for manual calculations drawn from different screens. The functionality to change the ESA Sub-Limit has also been incorporated in this screen rather than being a separate function. June 2005 4 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 Queued Payments Management – ESA/Credit Status This screen, and the corresponding screen for Cash Account management, offers improved efficiency as it permits more than one update to be submitted in a single action and consolidates multiple update and enquiry only functions. The multiple update capability is in contrast to the existing functions that only allow the status of a single payment to be updated at a time. Note that the Calculated Net ESA Position and summary information is also included in this screen. Other useful features that may be seen in this screen include: • The top right hand corner provides hyperlinks to any outstanding authorisations for the Member and any messages of the existing MESSREAD type. • Messages from the RITS Help Desk that currently show at the bottom of RITS screens are now in the header section of each screen (labelled “RITS Messages”). • A scroll bar at the right hand side allows users to quickly scroll though their transactions. Users are also able to change the sort order by clicking on the up and down arrows on some column headings. • The current session is underlined. Clicking on the current session will enable the user to view a table of session times for the day (reflecting any session extensions) together with explanatory material on transactions eligible for settlement in each session. June 2005 5 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 RITS MENU STRUCTURE The new RITS User Interface will have a permanently displayed menu of functions. Users simply click on a function name to access that function. Compared to the existing RITS interface – that relies on the use of specific mnemonics to select a function - the new interface is more descriptive and intuitive. The menu lists only those functions that have been allocated to each user, and can be expanded and collapsed within the various headings at the discretion of the user. The proposed menu is shown below in its collapsed form, a partially expanded form and its fully expanded form. Note that only Phase 1 functionality is shown. June 2005 6 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 ENHANCED SECURITY FOR RITS As advised in our letter in December 2004, the RBA has decided to introduce digital certificates to enhance the security of RITS in line with emerging best practice overseas and domestically. For the protection of RITS Members and the RBA, and consistent with the critical importance of RITS to the financial system, the use of digital certificates stored in hardware will provide an extremely strong level of user authentication, transaction integrity and improved protection from repudiation. Confidentiality of all information in transit between the RBA and RITS users will be ensured through the use of SSL technology. The use of digital certificates will entail issuing each user with a small, portable security token (a Rainbow ikey 2032; pictured right) that will be used to safely store their RITS digital certificate. To access RITS, the user’s token must be inserted into a USB port on their PC, in addition to entry of a RITS user id and password. Use of the token is protected by the Token Codeword which must be entered at each login. It is expected that Members will (at their option) be able to also store a certificate for a user’s access to the replacement Austraclear System on that user’s RITS token. When a user submits an “update action”, the request to RITS will be digitally signed. RITS will check the validity of the signature and certificate and verify user privileges before processing the update action. Certain logs kept by the RBA will also be signed. In the event of a dispute, it will be possible to establish, with a high degree of certainty, the user credentials (user id and digital certificate) used to enter the request on behalf of the Member. All update actions will be signed, including entry of cash transfers and actions that could affect the settlement processing of a transaction, including, for example, changing a payment’s ESA status, changing an ESA Sub-Limit or allocating a role to a user. Technical information on the use of tokens and possible implications for Members’ environments is provided in the RITS User Interface Project: Technical Information Paper. The RBA will provide Members with sufficient security tokens for their users, and some spares for future users, storage at backup sites etc. It is expected that no charge will be made for the initial allocation of tokens. Certificates will be issued by a RITS Certificate Authority operated by the RBA. Certificate enrolment and issuance is to be a highly secure process, with several checks and balances designed to prevent issuance of unauthorised or invalid certificates. Certificates will only be issued to named individuals authorised by RITS Authorised Signatories. It will no longer be possible for generic logons such as “user 1”, “authoriser1” or similar to be used. Detailed information about the certificate enrolment process will be provided to Members closer to the commencement of certificate issuance for Pre-production Environment access. June 2005 7 RITS USER INTERFACE PROJECT: MEMBER INFORMATION PAPER No. 2 TECHNICAL WORKING GROUP The RBA has also had discussions with members of the Technical Working Group. These members were provided with an earlier version of a technical information paper. The current version of this document has been updated in light of their comments and requests for clarification. It has also been updated to provide more information as it has become available as the project progresses. The RITS User Interface Project: Technical Information Paper was issued with this Member Information Paper. CONNECTION TO RITS As was announced in our December letter, the RBA has decided to provide access to the new User Interface via the Internet instead of the dial-up connections that are mainly used by small institutions. Dial-up access to the existing interface will continue to be provided until all functionality is migrated to the new interface. Members currently using leased lines will continue to use the Austraclear Network as their primary access path. Use of the Internet will be subject to strict security controls and its use as a primary means of connection for a Member will be subject to Network Access Criteria determined jointly by the SFE and RBA. Our December letter foreshadowed that this policy would be provided earlier this year. Release of this policy has been delayed pending completion of joint testing by the RBA and SFE. RBA CONTACTS If you have any questions about any of the material in this Information Paper, please contact: Business questions Alison Clark Acting Senior Manager (Planning & Client Relations), Payments Settlements Telephone: (02) 9551-8942, Email: clarka@rba.gov.au Nola McMillan Head of Payments Settlements Telephone: (02) 9551-8901, Email: mcmillann@rba.gov.au Bob Howe Manager (New Projects), Payments Settlements Telephone: (02) 9551-8921, Email: howeb@rba.gov.au Technical questions David Noble Senior Manager (RTGS Systems), Payments Settlements Telephone: (02) 9551 8981, Email: nobled@rba.gov.au. June 2005 8