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Reflections on the Canadian payments systems: from manual clearing to electronic funds transfers Kirby, Alison L
Abstract
The Canadian payments system encompasses not only those traditional systems which facilitate the processing of paper payment instructions through the Automated Clearing and Settlement System (ACSS) and or the Bank of Canada but those electronic funds transfer (EFT) systems which are capable of processing payment instructions in purely electronic form. Access to the payments system is a key element in the retail and financial services sectors' bid to remain competitive on both national and global scales. Moreover, a complete system of electronic payments will eventually reduce the need for credit cards and, to the extent that it increases the use of deposits for payment purposes, it will reduce the need for currency and cheques as well. In other words, a truly national electronic funds transfer system will act not only as a "payments system" or financial communications system that will carry payment instructions but a "payment mechanism" which will replace payment for goods and services by cash or cheques. This paper provides an overview of the national payments systems and identifies some of the problems which have arisen as a result of the changes to the largely paper based systems brought about by the electronic banking age. It identifies the technological advances made in the payments area, the traditional right or obligation arising as a result of the bank-customer relationship, if any, which has been effected by the technological advance, it briefly examines how the technological advance impacts on this right or obligation; and it raises questions about whether the traditional right or obligation needs to be protected, modified or eliminated and, if so, in what matter. In the end, it is hoped that this paper will serve as a wake up call to consumers and academics about the importance of and the need for greater access to information about the national payments system.
Item Metadata
Title |
Reflections on the Canadian payments systems: from manual clearing to electronic funds transfers
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Creator | |
Publisher |
University of British Columbia
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Date Issued |
1996
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Description |
The Canadian payments system encompasses not only those traditional
systems which facilitate the processing of paper payment instructions through the
Automated Clearing and Settlement System (ACSS) and or the Bank of Canada but
those electronic funds transfer (EFT) systems which are capable of processing
payment instructions in purely electronic form. Access to the payments system is a
key element in the retail and financial services sectors' bid to remain competitive on
both national and global scales. Moreover, a complete system of electronic
payments will eventually reduce the need for credit cards and, to the extent that it
increases the use of deposits for payment purposes, it will reduce the need for
currency and cheques as well. In other words, a truly national electronic funds
transfer system will act not only as a "payments system" or financial
communications system that will carry payment instructions but a "payment
mechanism" which will replace payment for goods and services by cash or cheques.
This paper provides an overview of the national payments systems and
identifies some of the problems which have arisen as a result of the changes to the
largely paper based systems brought about by the electronic banking age. It
identifies the technological advances made in the payments area, the traditional
right or obligation arising as a result of the bank-customer relationship, if any, which
has been effected by the technological advance, it briefly examines how the technological advance impacts on this right or obligation; and it raises questions
about whether the traditional right or obligation needs to be protected, modified or
eliminated and, if so, in what matter. In the end, it is hoped that this paper will serve
as a wake up call to consumers and academics about the importance of and the
need for greater access to information about the national payments system.
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Extent |
7110446 bytes
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Genre | |
Type | |
File Format |
application/pdf
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Language |
eng
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Date Available |
2009-03-06
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Provider |
Vancouver : University of British Columbia Library
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Rights |
For non-commercial purposes only, such as research, private study and education. Additional conditions apply, see Terms of Use https://open.library.ubc.ca/terms_of_use.
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DOI |
10.14288/1.0077438
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URI | |
Degree | |
Program | |
Affiliation | |
Degree Grantor |
University of British Columbia
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Graduation Date |
1997-05
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Campus | |
Scholarly Level |
Graduate
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Aggregated Source Repository |
DSpace
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Item Media
Item Citations and Data
Rights
For non-commercial purposes only, such as research, private study and education. Additional conditions apply, see Terms of Use https://open.library.ubc.ca/terms_of_use.