The ledger behind everything

Position Clarity. Directional education only, not financial or investment advice, and not personalized to your circumstances. Position Clarity is not registered with any Canadian securities regulator. Speak to a licensed professional before acting on anything you learn here. Payment-system framing follows the Bank of Canada's public explainers on payment clearing and settlement and Payments Canada's descriptions of retail payment flows; specifics vary by network and institution, and the relay here is a representative simplification. Content last reviewed July 2026. More at the series home and the free interactive tools.