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

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.
 
In August 2020, Payments Canada amended By-law No. 3 - Payment Items and the Automated Clearing Settlement 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.