CANADIAN PAYMENTS ASSOCIATION - Address, activities & membership
Address:
Constitution Square, Tower II 350 Albert Street, Suite 800
Ottawa, ON K1R 1A4
Canada
Telephone number:
613-238-4173
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Contact information in previous versions
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1200 - 180 ELGIN STREET
OTTAWA, ON K2P 2K3
Canada
Telephone number:
613-238-4173
Fax number:
613-233-3385
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1212 - 50 OCONNOR STREET
OTTAWA, ON K1P 6L2
Canada
Telephone number:
613-238-4173
Fax number:
613-233-3385
Description of the organization's activities:
The Canadian Payments Association, doing business as Payments Canada, is a statutory corporation (non-share capital) created by an Act of Parliament. Payments Canada underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, by-laws, rules and standards.
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Descriptions of the organization's activity in previous versions:
- THE CPA IS A NOT-FOR-PROFIT ASSOCIATION CREATED IN 1980 BY AN ACT OF PARLIAMENT. THE CPA'S MANDATE, AS AMENDED THROUGH THE CANADIAN PAYMENTS ACT IN 2001, IS TO ESTABLISH AND OPERATE NATIONAL SYSTEMS FOR THE CLEARING AND SETTLEMENT OF PAYMENTS AND OTHER ARRANGEMENTS FOR THE MAKING OR EXCHANGE OF PAYMENTS; TO FACILITATE THE INTERACTION OF ITS CLEARING AND SETTLEMENT SYSTEMS AND RELATED ARRANGEMENTS WITH OTHER SYSTEMS OR ARRANGEMENTS INVOLVED IN THE EXCHANGE, CLEARING OR SETTLEMENT OF PAYMENTS; AND TO FACILITATE THE DEVELOPMENT OF NEW PAYMENT METHODS AND TECHNOLOGIES.
Organization's membership or classes of membership:
Eligibility for Payments Canada membership is defined in the Canadian Payments Act and the related federal regulations. Payments Canada membership includes the Bank of Canada, domestic banks and authorized foreign banks and other deposit-taking institutions. The amendments to the Canadian Payments Act in 2001 opened membership to life insurance companies, securities dealers, and money market mutual funds, among others. Payments Canada is funded by its membership, which stood at 109 at the end of March 2024.
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Organization's memberships or classes of memberships in previous versions:
- Eligibility for Payments Canada membership is defined in the Canadian Payments Act and the related federal regulations. Payments Canada membership includes the Bank of Canada, domestic banks and authorized foreign banks and other deposit-taking institutions. The amendments to the Canadian Payments Act in 2001 opened membership to life insurance companies, securities dealers, and money market mutual funds, among others. Payments Canada is funded by its membership, which stood at 111 at the end of 2023.
- Eligibility for Payments Canada membership is defined in the Canadian Payments Act and the related federal regulations. Payments Canada membership includes the Bank of Canada, domestic banks and authorized foreign banks and other deposit-taking institutions. The amendments to the Canadian Payments Act in 2001 opened membership to life insurance companies, securities dealers, and money market mutual funds, among others. Payments Canada is funded by its membership, which stood at 110 at the end of 2022.
- Eligibility for Payments Canada membership is defined in the Canadian Payments Act and the related federal regulations. Payments Canada membership includes the Bank of Canada, domestic banks and authorized foreign banks and other deposit-taking institutions. The amendments to the Canadian Payments Act in 2001 opened membership to life insurance companies, securities dealers, and money market mutual funds, among others. Payments Canada is funded by its membership, which stood at 111 at the end of 2021.
- ELIGIBILITY FOR CPA MEMBERSHIP IS DEFINED IN THE CANADIAN PAYMENTS ACT AND THE RELATED FEDERAL REGULATIONS. THE BANK OF CANADA AND ALL BANKS OPERATING IN CANADA ARE REQUIRED TO BE MEMBERS. IN ADDITION, CREDIT UNION CENTRALS, FEDERATIONS OF CAISSES POPULAIRES, TRUST COMPANIES, LOAN COMPANIES AND OTHER DEPOSIT-TAKING INSTITUTIONS HAVE BEEN ELIGIBLE FOR CPA MEMBERSHIP SINCE THE ASSOCIATION'S CREATION IN 1980. AS OF NOVEMBER 2001, THE CANADIAN PAYMENTS ACT HAS EXPANDED THE LIST OF ELIGIBLE ORGANIZATIONS TO INCLUDE LIFE INSURANCE COMPANIES, SECURITIES DEALERS THAT ARE MEMBERS OF THE INVESTMENT DEALERS ASSOCIATION OR THE BOURSE DE MONTRÉAL, AND MONEY MARKET MUTUAL FUNDS THAT MEET CERTAIN REQUIREMENTS REGARDING THE INVESTMENT OF THEIR HOLDINGS AND HAVE ACCESS TO AN IMMEDIATE AND RELIABLE SOURCE OF LIQUIDITY.
- ELIGIBILITY FOR CPA MEMBERSHIP IS DEFINED IN THE CANADIAN PAYMENTS ACT AND THE RELATED FEDERAL REGULATIONS. THE BANK OF CANADA AND ALL BANKS OPERATING IN CANADA ARE REQUIRED TO BE MEMBERS. IN ADDITION, CREDIT UNION CENTRALS, FEDERATIONS OF CAISSES POPULAIRES, TRUST COMPANIES, LOAN COMPANIES AND OTHER DEPOSIT-TAKING INSTITUTIONS HAVE BEEN ELIGIBLE FOR CPA MEMBERSHIP SINCE THE ASSOCIATION'S CREATION IN 1980. AS OF NOVEMBER 2001, THE CANADIAN PAYMENTS ACT HAS EXPANDED THE LIST OF ELIGIBLE ORGANIZATIONS TO INCLUDE LIFE INSURANCE COMPANIES, SECURITIES DEALERS THAT ARE MEMBERS OF THE INVESTMENT DEALERS ASSOCIATION OR THE BOURSE DE MONTRÉAL, AND MONEY MARKET MUTUAL FUNDS THAT MEET CERTAIN REQUIREMENTS REGARDING THE INVESTMENT OF THEIR HOLDINGS AND HAVE ACCESS TO AN IMMEDIATE AND RELIABLE SOURCE OF LIQUIDITY.