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Large Value Transfer System
The Large Value Transfer System, or LVTS, was the primary system in Canada for electronic wire transfers of large sums of money, and was operated by Payments Canada. It permitted the participating institutions and their clients to send large sums of money securely in real-time with complete certainty that the payment will settle. The system was replaced in September 2021 by a new high-value payment system called Lynx. Established in 1999, LVTS processed the majority of payments made every day in Canada, and was designed to work with funds in Canadian dollars (CAD). On a normal business day, it cleared and settled approximately CA$398 billion. Frequently, when settling the payments made through LVTS between each other, some banks found themselves with extra funds while others found themselves short; to come up with money, the banks were able borrow it from each other for a day, or "overnight". The rate at which they borrowed being called overnight rate, targets for which were set by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by total area. Its southern and western border with the United States, stretching , is the world's longest binational land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Desjardins Group
The Desjardins Group (french: Mouvement Desjardins) is a Canadian financial service cooperative and the largest federation of credit unions (french: caisses populaires) in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Desjardins. While its legal headquarters remains in Lévis, most of the executive management, including the CEO, is based in Montreal. As of 2017, Desjardins Group consists of 293 local credit unions operating 1,032 points of service and serving more than seven million members and clients, mostly in the provinces of Quebec and Ontario. In addition to retail banking, the Group has over twenty subsidiaries offering products and services related to insurance ( Desjardins Financial Security, Desjardins General Insurance), real estate (Complexe Desjardins), venture capital funds (Desjardins Venture Capital), and brokerage (Desjardins Securities). The Desjardins Group, through subsidiary Développement international Desjardins, is also active in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Terms
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds electronically between US federal reserve banks via telegraph. The United Kingdom and France both ind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toronto-Dominion Bank
Toronto-Dominion Bank (french: links=no, Banque Toronto-Dominion), doing business as TD Bank Group (french: links=no, Groupe Banque TD), is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank and its subsidiaries are commonly known as simply TD and trading under the name ''Toronto-Dominion Bank.'' The bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869; respectively. It is one of two Big Five banks of Canada founded in Toronto, the other being the Canadian Imperial Bank of Commerce. The TD Bank SWIFT code is TDOMCATTTOR and the TD institution number is 004. In 2021, according to Standard & Poor's, TD Bank Group was the largest bank in Canada by total assets and also by market capitalization, a top-10 bank in North America, and the 23rd largest bank in the world. In 2019, it was designated a global systemically important bank by t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Street Bank And Trust Company
State Street Bank and Trust Company, more commonly known as State Street Global Services or simply Global Services, is a subsidiary of State Street Corporation organized as a trust company based in Massachusetts specializing in services to mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and non-profit organizations. Global Services is the largest custodian bank in the world. It also used to provide retail banking and commercial lending products until it sold off that division in 1999 to Citizens Financial Group, of Providence, Rhode Island. The retail banking and commercial lending units were sold for $350 million. Assets under administration (AuA) $7 trillion 2Q 2017. State Street, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scotiabank
The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada's Big Five banks, it is the third largest Canadian bank by deposits and market capitalization. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With more than 92,001 employees and assets of Can$1,136 billion (according to 2020 annual report), Scotiabank trades on the Toronto () and New York () exchanges. The Scotiabank swift code is NOSCCATT and the institution number is 002. Scotiabank was founded in 1832 in Halifax, Nova Scotia, where it was headquartered until relocating to Toronto in 1900. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primaril ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Bank Of Canada
Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains a corporate headquarters in Toronto and its head office in Montreal. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks. In Canada, the bank's personal and commercial banking operations are branded as ''RBC Royal Bank'' in English and ''RBC Banque Royale'' in French and serves approximately 10 million clients through its network of 1,209 branches. RBC Bank is a US banking subsidiary which formerly operated 439 branches across six states in the Southeastern United States, but now only offers cross-border banking services to Canadian travellers and expa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bank Of Canada
The National Bank of Canada (french: Banque Nationale du Canada) is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins credit union. National Bank's Institution Number is 006 and its SWIFT code is BNDCCAMMINT. History In 1859, francophone businessmen in Ontario and Quebec were keen to establish a bank under their local control, and persuade the provincial legislature to pass the act that created the Banque Nationale on May 4, 1859. Some members of the anglophone bourgeoisie participated in the bank's share capital, but francophones retained exclusive control and held all seats on the board of directors with Ulric-Joseph Tessier, lawyer and Member of the Legislative Assembly serving as chairman of the bank. The bank suffered losses during the bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laurentian Bank Of Canada
The Laurentian Bank of Canada (LBC; french: Banque Laurentienne du Canada, link=no) is a Schedule 1 bank that operates primarily in the province of Quebec, with commercial and business banking offices located in Ontario, Alberta, British Columbia, and Nova Scotia. LBC's Institution Number (or routing number) is 039. The institution was established as the Montreal City and District Savings Bank in 1846. Shares for the bank were publicly listed on the Montreal Stock Exchange in 1965 and the Toronto Stock Exchange in 1983. In 1987, the institution was renamed the ''Laurentian Bank of Canada''. It is the only bank in North America to have had a labour union, some positions becoming unionized in 1967, with the rest of non-managerial positions joining decades later. In 2017, there was a failed attempt by the bank to decertify the Canadian Office and Professional Employees Union, but a majority of workers voted for union de-certification in March 2021, leading the Canada Industrial R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ICICI Bank
ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. This development finance institution has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries. The bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China and South Africa; as well as representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany. History The Industrial Credit and Investment Corporation of India (ICICI) was established on 5 January 1955 and Sir Arcot Ramasamy Mudalia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HSBC Bank Canada
HSBC Bank Canada (french: Banque HSBC Canada), formerly the Hongkong Bank of Canada (HBC), is a Canadian chartered bank and the Canadian subsidiary of British multinational banking and financial services company HSBC. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. The corporate headquarters are located at the HSBC Canada Building in the downtown core's financial district of Vancouver, British Columbia. HSBC Bank Canada's Institution Number (or bank number) is 016. History In 1979, The Hongkong and Shanghai Banking Corporation bought a Vancouver-based acceptance company that financed machinery and equipment for small companies operating in British Columbia. In 1981, The Hongkong and Shanghai Banking Corporation incorporated Hongkong Bank of Canada (HBC), in Vancouver as a chartered bank effective July 1, 1981, under the Bank Act of Canada using the acceptance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
