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Pages:
2 pages/≈550 words
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Style:
APA
Subject:
Mathematics & Economics
Type:
Essay
Language:
English (U.S.)
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Topic:

Large Value Transfer System Mathematics & Economics Essay

Essay Instructions:

You need to write a brief essay with a specific thesis. The thesis is about the Large Value Transfer System (LVTS), but you need to choose a specific position. The position is up to you, but need to relate to the course.


You need an introduction, 3 paragraphs body (3 arguments) and a conclusion.


Don’t try to be fancy. Make your sentences clear, concise and straight to the point.


The following links are all about LVTS, NOT necessary to use them


https://www.bankofcanada.ca/wp-content/uploads/2010/06/r984c.pdf


https://www.bis.org/cpmi/paysys/canadacomp.pdf


https://www.bankofcanada.ca/core-functions/monetary-policy/lvts/


https://www.bankofcanada.ca/core-functions/financial-system/canadas-major-payments-systems/


https://www.payments.ca/about-us/our-systems-and-rules/large-value-transfer-system


ECON*Money, Credit and the Financial System


 


Essay Sample Content Preview:
Large Value Transfer System
Name:
Institution:
Large Value Transfer System
Large Value Transfer System (LVTS) is an electronic system which is aimed at sending and receiving large-value payments. The LVTS started its operations in 1999 and is mainly used by players in the financial, corporate, and government sectors and is also applied to individuals making certain large payments. It is essential to note that the LVTS is considered to be a core of the national payments system; this is because it handles the majority of the value of most of the payments in Canada. Ordinarily, this system is applied by participating financial institutions that are mandated to conduct payment obligations for their businesses and their customers. The LVTS has three main objectives, promoting development, boost Canada’s central bank confidence in the financial system, and facilitating different payment activities between LVTS participants and Canada’s central bank.
The LVTS facilitated development in large-value payments in Canada. Before the establishment of this system, payments were processed by the Interbank International Payment System (IIPS), while the settlement of the payments made through the IIPS would be made by the Automated Clearing Settlement System (ACSS) (Payments Canada, 2017). The main problem with the ACSS system was that payments would only take place one business day after the clearing; this would result in unsecured overnight credit. However, after its implementation, the LVTS system facilitated development by increasing the transaction speed, which is critical in boosting Canada’s international competitiveness in the global economy. Besides, this system would also implement risk-proofing measures and offer the participants with cost-saving collateral features that would be used in payment operations.
The development of LVTS boosted Canada’s central bank confidence in the fina...
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