Canadian Payments Association
Definition
- An association that operates a national clearing system for financial institution payments. This association is comprised of several financial institutions in conjunction with the Bank of Canada.
Website
http://www.cdnpay.ca
Relevant Locations
Canada
Synonyms
association canadienne des paiements
Acronyms
CPA
Related Terms and Acronyms
- Clearing and Settlement (C&S) — Acronym,
- The process whereby banks collect or pay out for items drawn on or paid into accounts in their institution. This process enables banks to accept each other's cheques and bank drafts for deposit. The Canadian Payments Association operates Canada's clearing system.
- Finance Canada — Company, Canada-wide,
- Federal department responsible for Canada's economic performance and regulation of financial institutions.
- Large Value Transfer System (LVTS) — Acronym,
- System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
- Onus Item — Definition,
- A payment that is deposited at the same financial institution in which it was drawn or written. For example, a cheque that is written by one bank customer and deposited by the recipient at another branch of the same bank. These items are not cleared between institutions and therefore are not represented in statistics of payments exchanged between financial institutions in the clearings.
- Settlement Points — Definition,
- Regional collection points in the clearing and settlement system operated by the Canadian Payments Association. Settlement points forward each bank's regional balance to the Bank of Canada in Ottawa at the end of each day to allow the central bank to adjust the banks' balances with the central bank.
