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… The end-user (person or organization) who authorizes their financial institution to debit their account for the amount of a payment item … Payor …
… Commonly understood to mean the process of transmitting, reconciling and, in some cases, confirming payment orders prior to settlement, possibly including the … For the purposes of ACSS, it means the reconciliation of payment items that were exchanged and the calculation of net …
… Our membership at Payments Canada includes the Bank of Canada, domestic banks and … deposit taking institutions. The amendments to the Canadian Payments Act in 2001 opened membership to life insurance …
… Payments are exchanged, cleared and settled through multiple point-to-point systems, where they are routed and validated by the …
… The delivery and receipt of payment instructions, which would result in a debit and credit being posted to the accounts of the …
… In Real Time Gross Systems, each payment is settled individually as soon as the transfer order is submitted and …
… An act that discharges obligations in respect of funds between two or more parties. For ACSS, it means the payment of clearing balances. … Settlement …
… High Value Payment Systems; a set of instruments and procedures that facilitates typically large-value inter-FI transfers with finality) … HVPS …
… Payment systems characterized by bilateral exchanges made … of a central system, and the separate entry of batch totals into a separate clearing system. … Decentralized Batch Retail Systems …
… Principles for Financial Market Infrastructures – the global risk standards established by the CPSS/CPMI and IOSCO for regulating payment and security clearing and settlement systems. … PFMI …