The Canadian Payment Association's retail payments system is now a Prominent Payment system, which places it under more stringent risk-management criteria.

The designation of being an Automated Clearing Settlement System reflects the association's effort to modernize its systems, according to an announcement.

"This designation acknowledges the importance of the CPA's systems and supports payments modernization," said Carol Ann Northcott, chief risk officer and VP, risk, security and research at CPA. "Many of the elements required for compliance with the standard will be addressed as part of the CPA's Modernization initiative, which is already underway."