The Australian Payments Clearing Association has registered Citibank NA and HSBC as tier one participants in the Bulk Electronic Clearing System.There are about 15 tier one participants in BECS and about 60 tier two participants. Citibank NA is the legal entity for Citi's corporate banking business in Australia.Tier one status carries an obligation to "send items directly to and receive items directly from all other tier one framework participants."Tier one participants must also take responsibility for processing items on behalf of tier two participants.There are a number of benefits that come with those obligations. Citi said in a statement that it would provide extended cut-off times for client direct entry and increase the number of intraday direct entry processing times from one to five.Citi said tier one status would offer enhanced payment service stability through its direct communication with other tier one banks.APCA chief executive Chris Hamilton said he was pleased to see the two banks making an investment in the payment system and the economy.A question for both banks is why it took them so long to step up.