Canada: Payments Canada Consults on Modernizing Automated Clearing and Settlement System

On December 17, 2018, Payments Canada published a consultation to seek feedback from stakeholders on the identified opportunities to broaden access to Canada’s retail batch payments system, the Automated Clearing and Settlement System (ACSS). The aim of the consultation paper is to pursue additional payment providers and develop new payment options for Canadian businesses and consumers by permitting broader access to ACSS.

The Canadian Payments Act is the main legislation that provides eligibility criteria and requirements for participating in the payments system and the Bank of Canada plays an important role in the authorisation of members seeking to gain access to an ACSS settlement account and loan facilities.

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