The Automated Clearing Settlement System (ACSS)

 

The Automated Clearing Settlement System (ACSS)

The Automated Clearing Settlement System (ACSS) is owned and operated by the Canadian Payments Association (CPA). The ACSS is a deferred net settlement system through which all payments not processed by the LVTS are handled, including paper-based payment items (mostly cheques) as well as small-value electronic payment items, such as point-of-sale (e.g., debit card) or automated banking machine transactions, and pre-authorized debits and credits.

 

In November 2002, the Bank of Canada examined the ACSS to see if it has the potential to pose systemic risk. The Governor of the Bank is of the opinion that the ACSS does not pose systemic risk, and it will not be designated under the Payment Clearing and Settlement Act at this time.