Peoples Trust Company (PTC), part of Peoples Group, announced July 13 it has been granted a Settlement Account by the Bank of Canada, and Notice of initial approval by Payments Canada to change PTC’s member status from an Indirect Clearer to a Direct Clearer in the Automated Clearing Settlement System (ACSS).
These changes put PTC on track to becoming the first financial institution in Canada to be a Direct Clearer since ACSS launched in 1984. This opportunity was made possible by regulatory changes in August of 2020 that removed a volume requirement for direct participation in the ACSS. This change opened the payments ecosystem, and allows for more competition in the payments industry in Canada.
“We’re proud to have achieved this key milestone, which supports our ambitious multi-year strategic growth plan, and it will enable the logical evolution of future initiatives.” Grant MacKenzie, President and CEO of Peoples Trust, said in a company news release. “We thank Payments Canada and the Bank of Canada for their continuous support to help realize our ambitions and deliver greater benefits to our customers and business partners, with the addition of innovative services and offers in the future.”
“Payments Canada is excited to welcome PTC as a new Direct Participant in the ACSS as our organizations continue to work together to support PTC in the achievement of this strategic initiative.” said Tracey Black, CEO of Payments Canada. “The objectives of our Modernization program include providing broader access to Canada’s payments infrastructure, and supporting competition and innovation. Canada’s payments ecosystem is continuing to evolve to meet the payments needs of Canadians and Canadian businesses.”
Read more about the news here.
