Vancouver, BC, June 14, 2022 – 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.
For more information, visit peoplesgroup.com
About Peoples Group
Peoples Group has been providing tailored financial services to the Canadian marketplace for more than 35 years. Since 1985 our focus has been on exceptional customer service, solidly rooted in extensive product knowledge and experience. In the world of Canadian payments, Peoples Trust, part of Peoples Group, is a leading issuer of prepaid payment cards and an innovative merchant acquirer. We are an entrepreneurial organization that excels at customizing solutions to fit the needs of our clients. As a result, we have been recognized as a pioneer and innovator of prepaid cards in Canada, and an early adopter of payment solutions. We have partnered with many of Canada’s Fintechs, giving them the tools and guidance to help realize their success. For more information, please visit www.peoplesgroup.com
About Payments Canada
Payments Canada is a public purpose organization that owns and operates Canada’s payment systems, Lynx and the Automated Clearing Settlement System (ACSS). Payments Canada is responsible for the physical infrastructure and the associated by-laws, rules, and standards that support these systems. It also has a duty to promote the efficiency, safety, and soundness of Canada’s payment systems while taking into account the interests of end users. In 2021, Payments Canada’s systems cleared and settled over $135 trillion—more than $539 billion every business day. Transactions that pass through these systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques initiated and received by Canadians and Canadian businesses. Payments Canada is working closely with the payment ecosystem to modernize Canada’s payment systems to ensure Canada and Canadian businesses remain globally competitive. For more information, please visit payments.ca
Media Relations Team