Peoples Trust Company (PTC), part of Peoples Group, announced today it has been granted Direct Clearer status in the Automated Clearing Settlement System (ACSS) by Payments Canada. This marks an historical moment for the financial industry, as PTC is the first financial institution in Canada to receive Direct Clearer status, since the ACSS launched in 1984.
“Becoming an ACSS Direct Clearer is an essential step in our strategic roadmap and a major milestone in our journey forward as the partner of choice for Fintechs and Paytechs. We are continuing to enable them by providing access to the Canadian payment ecosystem.” said Grant MacKenzie, President and CEO of Peoples Trust. “Our gratitude and thanks to the Bank of Canada, Payments Canada and the existing Direct Clearers, for their support in helping us succeed in this collaborative achievement.”
“We recognize that the payment ecosystem continues to evolve at a rapid pace,” said Tracey Black, President and CEO of Payments Canada. “We’re working to enhance payment experiences for Canadians through our Modernization program and other modern payment initiatives. Broader access to Canada’s payment infrastructure is integral to these efforts and we are excited to congratulate and welcome Peoples Trust Company as a new Direct Clearer on the ACSS.”
“BMO’s Treasury & Payment Solutions team was very pleased to sponsor PTC’s pursuit of direct clearer status, and equally to continue to play an active and strategic role in support of their payment and banking ambitions in North America.” said Derek Vernon, Head, NA TPS Product Management and Payments Modernization, BMO. “We are very happy for PTC and send our congratulations to all involved in this landmark implementation.”
The new ACSS status will provide PTC increased autonomy with existing and new partners, as they continue to take a leadership position in payment modernization in Canada. It is also one of the essential steps for pursuing PTC’s growth strategy of building a multi-function utility hub with options in the merchant, card, banking as a service, lending, and payment arenas.