Figure 5 illustrates a domestic cheque payment where the banks involved are direct clearers
in the CPA’s ACSS facility. This process is clearly more complex than a cash payment. Most
notably, net settlement is deferred until the end of the clearing and settlement cycle; the payee
receives only provisional credit for the cheque deposit; and intraday credit is implicitly provided
without limit by direct clearing members in a net credit position on their net settlement balances
to those members in a net debit position. Also, messaging services are provided through the
cheque transfer process and electronically through the ACSS.