Canada May Give Non-Banks Direct Line To Payments System

Canadian banking officials have floated a proposal to broaden access to the country's Automated Clearing Settlement System (ACSS), a move that could give non-banks and other smaller players greater access to payments systems — and, eventually, faster payments.

Part of Payments Canada's modernization program — an initiative by the payments clearing and settlement association aimed at updating the country’s payments infrastructure — is centered on removing existing transaction volume requirements for participation in the ACSS system.

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