(a) to establish and operate national systems for the clearing and settlement of payments and other arrangements for the making or exchange of payments;

(b) to facilitate the interaction of its clearing and settlement systems and related arrangements with other systems or arrangements involved in the exchange, clearing or settlement of payments; and

(c) to facilitate the development of new payment methods and technologies.

The Act also identifies public policy objectives for the CPA. It states that the Association will promote the efficiency, safety and soundness of the clearing and settlement systems and will take into account the interests of users.

Through a network of committees that bring together representatives of CPA members and stakeholder groups, the CPA develops and implements the rules  that apply to the clearing and settlement of different types of payments between its member financial institutions. These rules and the related processes ensure that the system is safe and sound and that payments are exchanged efficiently.

The Association also monitors payment system developments and related issues in Canada and internationally to ensure the framework for clearing and settlement continues to serve the needs of all participants and stakeholders.