ICICI Bank Canada begins operations as LVTS direct participant
The CPA is pleased to announce that on June 1, 2015, ICICI Bank Canada (institution number 340) began operations as a Large Value Transfer System (LVTS) direct participant. With the addition of ICICI Bank Canada, there are 17 direct participants in LVTS, including the Bank of Canada.
Over the past few months, the CPA, the Bank of Canada and other LVTS direct participants have worked closely with ICICI Bank Canada in preparation for their transition to direct participant status.
ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, headquartered in Mumbai, India. ICICI Bank Limited is India’s largest private sector bank with a presence in 17 countries.
ICICI Bank Canada was established in December 2003 and has since opened branches in Ontario, Alberta and British Columbia. Its asset base totals approximately $5.6 billion as at December 31, 2014.
The Bank offers a comprehensive suite of financial products catering to personal, commercial, corporate, investments treasury and trade requirements. Its services are supported by a state-of-the art electronic banking platform (including mobile banking), 24-hour customer care and a proprietary ABM network.
About the LVTS
The LVTS is Canada’s electronic wire system used to send large-value, time-sensitive payments in real-time with certainty that the payment is final and irrevocable. The requirements ensure the continued safety and soundness of the LVTS, a system critical to the overall stability of Canada’s financial system.
To become a direct participant, financial institutions must meet certain requirements as outlined in CPA rules and by-laws. Other financial institutions make arrangements for wire payments through direct participants.
In 2014, the LVTS cleared and settled $38.6 trillion. Customer initiated wire payments accounted for $8.6 trillion.