A Bill of Exchange drawn on a bank, payable on demand. [s. 165 - Bills of Exchange Act]
Commonly understood to mean the process of transmitting, reconciling and, in some cases, confirming payment orders prior to settlement, possibly including the netting of instructions and the establishment of final positions for settlement. For the purposes of ACSS, it means the reconciliation of payment items that were exchanged and the calculation of net totals for settlement
The mechanisms and procedures that allows financial institutions to calculate how much is owed to each other as a result of their customers' transactions and to effect the discharge of those obligations.
The total of the net amounts owing to or by a member as a result of clearing.
Also known as the negotiating financial institution. The financial institution that, on behalf of its customer, presents an item for payment to the drawee. It is the financial institution that receives an item on deposit.
A core payment system is defined as one that (i) includes at least clearing and settlement, where settlement occurs in central bank funds, and (ii) is central to the efficiency and stability of the financial system and economy.
The fundamental technology, rules and processes needed by any payment system
A paper item that appears to be original or genuine, but has been fraudulently made.
Payment systems characterized by bilateral exchanges made outside of a central system, and the separate entry of batch totals into a separate clearing system.
Payments are exchanged, cleared and settled through multiple point-to-point systems, where they are routed and validated by the participants
A CPA member (other than the Bank of Canada) that, on its own behalf, exchanges payment items and makes entries directly into the ACSS.
An entity(e.g. financial institution) that meets the applicable access criteria to access a payment system directly (without sponsorship or agency agreement with other bank/payment services provider)