System Operator

An entity that controls the functioning of a system including its operating rules, policies and infrastructure. The entity may perform some or all of the functions or rely on a third party to perform some functions.

System Owner

An entity that has the authority to assert certain rights and responsibilities in relation to a system, such as the right to develop, modify, operate and maintain the system or to introduce, modify, or discontinue a particular service or function.

System risk

A disruption to the payments ecosystem that has a material impact on ecosystem service providers or end users as a group.

System-wide risk

A disruption to the payments ecosystem large enough to have a noticeable impact on GDP.

Systemic risk

The failure of the payments ecosystem to ultimately settle on the books of the central bank.

Systemically important payments systems (SIPS)

Payment structures where a shock, disruption or failure could have serious and widespread impacts on the financial system and the economy.


A paper debit resembling a cheque that is not created or signed by the payor, but is drawn by a third party on behalf of the payor, purportedly with the payor's authorization given over the telephone or by other remote means.


An arrangement in payment systems whereby participants in one category require the services of participants in another category to exchange and/or settle transactions on their behalf.

Timeliness of payment

The speed with which funds are initiated, processed, posted and made available to the recipient

Transaction code

A three digit code, as assigned by the CPA, used to identify the type of AFT payment. Transaction codes can be found in Appendix II, Section D of Standard 005.

Transit number

A three-digit financial institution number together with a five-digit branch number assigned by that institution.


Ability to be seen without obstruction.