Payments Canada announces Peoples Trust Company as new Direct Clearer on the Automated Clearing Settlement System

OTTAWA, June 14, 2022 - Payments Canada today announced Peoples Trust Company (PTC), part of Peoples Group, has been granted Direct Clearer status in the Automated Clearing Settlement System (ACSS) which includes the United States Bulk Exchange application (USBE). This announcement follows PTC’s declaration to change their status from Indirect Clearer to Direct Clearer in July 2020, and they are the first new Direct Clearer to participate in the ACSS since its launch in 1984.

The transition to Direct Clearer allows PTC to exchange and clear payment items on their own behalf and effect settlement directly with the Bank of Canada. This is possible due to regulatory changes in August 2020 that removed a volume requirement for direct participation in the ACSS. This change has opened the payment ecosystem, allowing more participation and competition in the payment industry in Canada.

“We recognize that the payment ecosystem continues to evolve at a rapid pace,” said Tracey Black, President and CEO of Payments Canada. “We’re working to enhance payment experiences for Canadians through our Modernization program and other modern payment initiatives. Broader access to Canada’s payment infrastructure is integral to these efforts and we are excited to congratulate and welcome Peoples Trust Company as a new Direct Clearer on the ACSS.”

“Becoming an ACSS Direct Clearer is an essential step in our strategic roadmap and a major milestone in our journey forward as the partner of choice for Fintechs and Paytechs. We are continuing to enable them by providing access to the Canadian payment ecosystem,” said Grant MacKenzie, President and CEO of Peoples Trust. “Our gratitude and thanks to the Bank of Canada, Payments Canada and the existing Direct Clearers, for their support in helping us succeed in this collaborative achievement.”

The ACSS clears cheques and electronic items, such as pre-authorized debits, direct deposits and bill payments. The system allows for the exchange of payment items between members of Payments Canada that participate in the ACSS and the clearing and settlement of those payment items. In 2021, the ACSS cleared and settled a total value of $8.4 trillion.


About Payments Canada

Payments Canada is a public purpose organization that owns and operates Canada’s payment systems, Lynx and the Automated Clearing Settlement System (ACSS). Payments Canada is responsible for the physical infrastructure and the associated by-laws, rules, and standards that support these systems. It also has a duty to promote the efficiency, safety, and soundness of Canada’s payment systems while taking into account the interests of end users. In 2021, Payments Canada’s systems cleared and settled over $135 trillion—more than $539 billion every business day. Transactions that pass through these systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques initiated and received by Canadians and Canadian businesses. Payments Canada is working closely with the payment ecosystem to modernize Canada’s payment systems to ensure Canada and Canadian businesses remain globally competitive. For more information, please visit payments.ca.

For media inquiries, please contact Victoria McMullen, Director of Marketing & Communications, vmcmullen@payments.ca.


About Peoples Group

Peoples Group has been providing tailored financial services to the Canadian marketplace for more than 35 years. Since 1985 their focus has been on exceptional customer service, solidly rooted in extensive product knowledge and experience. In the world of Canadian payments, Peoples Trust, part of Peoples Group, is a leading issuer of prepaid payment cards and an innovative merchant acquirer. They are an entrepreneurial organization that excels at customizing solutions to fit the needs of their clients. As a result, they have been recognized as a pioneer and innovator of prepaid cards in Canada, and an early adopter of payment solutions. They have partnered with many of Canada’s Fintechs, giving them the tools and guidance to help realize their success. For more information, please visit www.peoplesgroup.com.

Media Contacts:
Media Relations Team
Peoples Group
media@peoplesgroup.com


Contributed quotes

“ATB extends a warm welcome to Peoples Trust Company as the newest Direct Clearer on the ACSS. This represents another key milestone on the journey of modern payments and a material outcome resulting from changes to the rules and by-laws that provide greater access to the clearing and settlement systems.”

Ryan Rabin, Vice President, Payments,
ATB Financial

“BMO’s Treasury & Payment Solutions team was very pleased to sponsor PTC’s pursuit of direct clearer status, and equally to continue to play an active and strategic role in support of their payment and banking ambitions in North America. We are very happy for PTC and send our congratulations to all involved in this landmark implementation.”

Derek Vernon, Head, NA TPS Product Management and Payments Modernization,
BMO

"Citi congratulates Peoples Trust Company on their successful implementation of direct clearing for ACSS payments in Canada. We support Payments Canada’s mandate to provide access to competition in support of innovation and progress in the Canadian payments market."

John Davis, Director, Head of Product Management, Treasury and Trade Solutions,
Citi Canada

“We welcome PTC as a new ACSS Direct Clearer and look forward to the added value that PTC will bring to our customers as their collective payments experiences are further enhanced as the country’s payments ecosystem evolves and modernizes to better serve all Canadians.”

Patrice Roy, Vice-President Payments and International Solutions,
National Bank of Canada