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Canadian Payments Association, carrying on business under the brand name Payments Canada, [2] [3] is an organization that operates a payment clearing and settlement system in Canada. The Canadian Payments Association was established by the Canadian Payments Act in 1980. Among other responsibilities, it regulates and maintains directories of ...
In September 2021, Payments Canada replaced LTVS with its Lynx high-value payment system. [1] [2] [3] Established in 1999, [4] LVTS processed the majority of payments made every day in Canada, and was designed to work with funds in Canadian dollars (CAD). On a normal business day, it cleared and settled approximately CA$398 billion. [2]
Until the 2009–2010 fiscal year, Ontario was the only province to have never received equalization payments; in 2009-2010 Ontario received 347 million dollars, [7] while Newfoundland, which has received payments since the program's creation, is now a so-called "have" province, and is now a net contributor and does not receive payments. Canada ...
Canada: Retail System, known formally as the Automated Clearing Settlement System (ACSS), run by Payments Canada Cayman Islands: Cayman Islands Automated Clearing House [20] Chile: Centro de Compensación Automatizado (CCA) [21] China: Bulk Electronic Payment System (BEPS) [22] Colombia: ACH-Colombia and CENIT Costa Rica
The 2009 initial funding, the 2010 initiation, the 2016 implementation, and ongoing operation of what would become the Phoenix pay system, was overseen by a series of the Department of Public Services and Procurement Canada Ministers, spanning the tenure of former-Prime Minister Harper (February 6, 2006 – November 4, 2015) and Prime Minister Justin Trudeau (2015–).
The first payment method that required clearing was cheques, as cheques would have to be returned to the issuing bank for payment. Though many debit cards are drawn against chequing accounts, direct deposit and point-of-purchase electronic payments are cleared through networks separate from the cheque clearing system (in the United States, the Federal Reserve's Automated Clearing House and the ...
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Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.