Payments Canada definition

Payments Canada means the Canadian Payments Association;

Payments Canada is the organization that operates a payment clearing and settlement system in Canada pursuant to the Canadian Payments Act R.S.C.

Examples of Payments Canada in a sentence

• The Client understands that in carrying out any of the Services, ATB Financial will be subject to the by-laws, rules, guidelines, requirements and standards of various payment systems and networks (including Payments Canada and Interac) (Payment System Rules) and accordingly ATB Financial may be unable to accept or process instruments or Instructions that do not comply with the Payment System Rules.

• Without limiting the generality of the foregoing, ATB Financial is required to comply with Payment System Rules and regulations on clearing (including Payments Canada Rules), third party agreements and other matters that may prevent ATB Financial from complying with the Client’s Instructions for payments or fund transfers if Instructions are not received within time frames required by such rules, regulations and agreements.

• The image quality of Deposit Items must also comply with the requirements established from time to time by ATB Financial, Payments Canada or any other regulatory agency or association.

• The Client and ATB Financial will conduct their activities under this Agreement and under the Service Schedules and under all other ATB Financial Agreements in compliance with all applicable laws, statutes, rules, regulations, orders, treaties and guidelines including the rules of Payments Canada, anti-money laundering legislation and privacy legislation (both provincial and federal).