Millions of times each day, Canadians withdraw cash from bank machines, use online debit, debit cards, cheques, pre-authorized payment agreements, and make other payments. These transactions generally result in one financial institution owing money to another. The mandate of the Canadian Payments Association (CPA) is to establish, operate, and maintain systems for the clearing and settlement of payments among member institutions on behalf of their clients—individuals, businesses, and governments. In 2011, the value of transactions cleared through CPA systems each business day averaged $179.4 billion.
The CPA plays a significant role in Canada’s financial system. As stewards of the country’s clearing and settlement systems, the CPA develops the policies and rules that support the safety and soundness, efficiency, accessibility and innovation in Canada’s payments systems.
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