Mode of Connectivity to the Payment Infrastructure

Direct Participants: an entity with direct access to the payment system’s services and is bound by the rules of the payment system. Its transactions are cleared and recorded by the payment system through a direct link to it. All settlement participants must participate as direct participants. For the ECCU, banks are the only entities permitted to directly connect to the system, in compliance with the legislation that mandates solely banks have the authority to issue checks. 

In the Electronic Cheques Clearing Unit (ECCU), direct connection to the system is exclusively allowed for banks, adhering to the regulation that only banks are authorized to issue cheques. Regarding the Automated Clearing House (ACH), the policy remains consistent, with only banks being eligible to directly connect to the system. However, the Instant Payment System (IPS) permits direct connections from entities that have an ongoing relationship with their clients and that accept deposits, such as banks, mobile payment service providers, and merchant acquirers.