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The clearing process for electronic payments is more streamlined than for cheques and other paper-based payment items, as there is no requirement to deliver a physical payment item in these cases. Thus, all processes for the exchange and clearing of electronic payments can occur electronically, and the ACSS entries will reflect national totals rather than regional data.
There are some variations in the procedures and schedules that apply to the various streams of electronic payments, and these are outlined in the CPA’s ACSS Rules. Within this framework, there may also be some variation in the details of how each Direct Clearer processes these transactions.
Direct Clearers sort and categorize electronic payments by stream and by the Direct Clearer (and/or Indirect Clearer) to which they are to be sent. Examples of streams are Automated Funds Transfer (AFT) debits, primarily pre-authorized debits; AFT credits, mainly direct deposits; Electronic Funds Transfer/Point-of-Sale transactions, which track debit card transactions; and bill payments. Most electronic payments are exchanged in bulk
bilaterally between Direct Clearers over a CPA network.
Each Direct Clearer enters into the ACSS the total volume and value of transactions for which it is owed funds. That is, the Direct Clearer delivering the transactions will enter the data for debit streams, such as AFT debits, while the receiving Direct Clearer will enter the totals for credit streams, such as bill payment remittances. These figures are combined with the totals for cheques and other paper-based payment items to determine the net balances due to and from each Direct Clearer to effect settlement on the books of the Bank of Canada the following morning.
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