Best Practice for the Uniform Treatment of Wire Payments
{"Image DocumentName": "Best Practice for the Uniform Treatment of Wire Payments", "Image ImageDescription": "To provide clarity around the treatment of on-us wire payments and address customer expectations, endorsing financial institutions voluntarily agree to treat on-us wire payments in the same manner as LVTS payments. Specifically, the assurances outlined in Canadian Payments Association (CPA) By-law No. 7 \u2013 Respecting the Large Value Transfer System regarding timing, finality and errors (subject to anti-money laundering and fraud policies) will be similarly applied by endorsing financial institutions to on-us wire payments. In this regard, similar to LVTS payments, endorsing financial institutions will treat on-us wire transactions as having the following characteristics: Payment irrevocability and finality (once funds have been posted to the payee\u2019s account); Same day credit (on value date indicated and in accordance with the endorsing financial institution\u2019s daily cut-off schedules); and. Notice to the beneficiary by its financial institution about funds availability (this could be accomplished by posting to the beneficiary\u2019s account). In addition, endorsing financial institutions will work towards including provisions in their client agreements that are created following endorsement of this best practice confirming the institution\u2019s assurance to treat on-us wire payments in the same manner as LVTS payments, for the elements outlined above. Scope of Best Practice. This best practice applies to all domestic, Canadian dollar business and consumer on-us wire payments. Endorsing Financial Institutions. Bank of Montreal Bank of Nova Scotia National Bank of Canada CIBC Royal Bank of Canada Toronto Dominion Bank HSBC Citibank Canada Canadian Western Bank Laurentian Bank of Canada President\u2019s Choice Bank Royal Bank of Scotland Mega International Commercial Bank (Canada) JPMorgan Chase Bank, N.A. Bank West Mizuho Corporate Bank, Ltd., Canada Branch State Street Bank and Trust Company \u2013 Canada Branch La Caisse central Desjardins du Quebec.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}