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# Peoples Trust Company to become new direct clearer on Payments Canada’s ACSS



July 13, 2021

Payments Canada is pleased to share that Peoples Trust Company (PTC) has been granted a settlement account and loan facility from the Bank of Canada and initial approval by Payments Canada to become a new direct clearer on Payments Canada's retail batch system, the Automated Clearing Settlement System (ACSS). Read [PTC’s full statement](https://www.peoplestrust.com/en/peoples-trust-company-reaches-milestone-towards-acss-direct-clearer-status/).  
   
In August 2020, Payments Canada amended [By-law No. 3 - Payment Items and the Automated Clearing Settlement System](https://www.payments.ca/about-us/news/modernizing-access-canada%E2%80%99s-retail-batch-payments-system). This amendment removed the 0.5 per cent volume requirement for direct participation in the retail payment system. In addition Payments Canada also amended ACSS Rule D1 - Direct Clearer/Group Clearer Requirements. The amendments to this By-Law and Rule allow for Payments Canada member financial institutions to apply for direct clearer status, which means a member financial institution would have direct access to Payments Canada’s system and not need to rely on another financial institution to clear and settle their transactions.  
   
Learn more about [ACSS](https://www.payments.ca/about-us/our-systems-and-rules/retail-system).



 

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