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ARTICLE · 05 MAY 2016

Automated Clearing And Settlement System Designated As Prominent

Norton Rose Fulbright Canada LLP
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On May 2, 2016, the Bank of Canada designated the Automated Clearing and Settlement System (ACSS) operated by the Canadian Payments Association as a system that has the potential to pose payment system risk (a Prominent Payment System).

CanadaFinance and Banking
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On May 2, 2016, the Bank of Canada designated the Automated Clearing and Settlement System (ACSS) operated by the Canadian Payments Association as a system that has the potential to pose payment system risk (a Prominent Payment System). This designation means that the ACCS will now be overseen by the Bank of Canada in accordance with the provisions of the Payment Clearing and Settlement Act (Canada).

Background

The ACSS is the system through which the majority of payment items in Canada (including pre-authorized debits, direct deposits, Interac debits and e-transfers, and cheques) are cleared and settled.  The ACSS tracks the volume and value of payment items exchanged between CPA members (Canadian financial institutions) to determine the balances due to and from each CPA member that acts as a direct clearer. The ACSS Rules and Standards, which are established by the CPA, detail the procedures that apply to the exchange, clearing and settlement of payment items.

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