Nikil Chande is the Assistant Director of the Market Infrastructure Division in the Financial Markets Department. He leads the team that conducts policy analysis and research in areas related financial market infrastructure and regulatory reform. He obtained his law degree from the University of Toronto and his Masters in Economics from Queen’s University.
Payment services offered by non-banks have flourished in recent years. The author provides an overview of the different kinds of non-bank retail payments schemes currently available in Canada, illustrating each by focusing on a specific example.Topics: Financial services; Payment clearing and settlement systems
Payments systems are typically characterized by some degree of tiering, with upstream firms (clearing agents) providing settlement accounts to downstream institutions that wish to clear and settle payments indirectly in these systems (indirect clearers).Topics: Financial Institutions; Financial services; Market structure and pricing; Payment clearing and settlement systems