RTR system participants added to the definition of 'direct participant' in Payments Canada's General By-law

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The definition of 'direct participant' in Payments Canada's foundational by-law has been expanded to include direct settlement participants in the Real-Time Rail (RTR) system, with an exception for group clearers. The RTR system itself has also been added to the list of systems explicitly carved out from the broader catch-all category of direct participants, keeping the definitions consistent. This change aligns the General By-law with the newer By-law No. 10, which governs the RTR. Financial institutions and payment service providers that participate directly in the RTR system should review how this classification affects their obligations and standing under Payments Canada's rules framework.

Who this affects
direct settlement participants in the RTR system · Payments Canada member financial institutions · payment service providers participating in real-time payment clearing · compliance and legal teams at banks and credit unions