Published: August 5, 2020
Today Payments Canada announced that By-law No. 3 - Payment Items and the Automated Clearing Settlement System is amended, removing the 0.5 per cent volume requirement for direct participation in the retail payments system - the Automated Clearing Settlement System (ACSS) - by member financial institutions. This change allows for a wider range of member financial institutions to be eligible to become direct clearers/group clearers and exchange payment items and make payment entries directly into the ACSS.
The associated rule amendments to ACSS Rule D1 – Direct Clearer/Group Clearer Requirements came into effect on August 5, 2020.
Enhancements such as these ensure Canada’s retail payments system reflects market evolution and facilitates innovation while ensuring the system’s safety and soundness is maintained. These changes also mark an important step in fulfilling the Vision for payments Modernization, specifically the need for open, risk-based access to foster competition and innovation in the ecosystem.
The amended bylaw is in follow-up to these proposals in the Modernizing Automated Clearing Settlement System (ACSS) Access consultation paper, signifying a key outcome of our efforts to enhance ACSS rules and bylaws.