Glossary

Paper-based remittances

Payments accompanied by a paper remittance (bill stub), MICR-encoded with a CCIN, for credit to a business, generally initiated via an ABM or branch of a financial institution.

Payee

The end-user (person or organization) who receives funds when a payment item is credited to their account

Payee's financial institution (FI)

The financial Institution that holds the account of the payee (person receiving a payment).

Payment originator

A business, association, government or other entity which, with authorization from a payee or payor, initiates an AFT transaction.

Payment service providers

A person or an entity that provides services directly to end users such as consumers and businesses/corporates, banks or other entities to support exchange, clearing and settlement services

Payment system operator

An entity responsible for managing and operating a payment system

Payments

The transfer of value from a payor to a payee through the intermediary of a financial institutions. Payments can be debit transfers or credit transfers authorized by the payor

Payments Ecosystem

All payment structures within a country.

Payments infrastructure

The technology, rules, standards and procedures that underpin the transfer of monetary value between parties. The LVTS and ACSS are payments infrastructures owned and operated by Payments Canada and therefore governed by its by-laws, rules and/or standards.

Payments structures

The networks, processes, arrangements, rules, standards, protocols, conventions, and technologies that facilitate the transfer of monetary value.

Payments system

All payment structures that facilitate the transfer of monetary value between banks.

Payor

The end-user (person or organization) who authorizes their financial institution to debit their account for the amount of a payment item