Bank of Canada identifies first ‘prominent' payment system
The ACSS is considered "central" to Canadian payments
Bank of Canada governor Stephen Poloz has designated the country's first "prominent payment system" – the Automated Clearing Settlement System (ACSS) – which is now subject to central bank oversight, and must meet a set of "risk management standards".
There are five systemically important payment systems in Canada. They were designated by the central bank under the Payment Clearing and Settlement Act, adopted in 1996.
In December 2014, the central bank was handed wider responsibility in this
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