Each of these parts, or clearing systems as they are called, has a set of regulations and procedures setting out rules of participation. Each clearing system is managed by a committee of management reporting directly to APCA's board. The Regulations and Procedures for each of APCA's clearing systems have the effect of a contract under seal between APCA and each participating member in that system, and between the participating members in that system. It is responsible for preservation of the integrity and efficiency of such exchanges. Members which settle directly to the system have agreed to provide liquidity support and ultimately to share any residual settlement shortfall if a member fails to settle.
Similar rules are in place in respect to failure to settle.
BECS currently covers direct entry payments and might cover other types of payment instructions in the future, in so far as it provides a framework to encompass large volumes of individual payments which are batched for delivery between financial institutions. In CECS the management of clearing primarily involves setting minimum interchange standards to protect and enhance the security, integrity and efficiency of exchanges of consumer electronic payment messages. Therefore these payment instruments have not been included in the interchanges covered by the CECS rules. Other types of interchange activities can be covered later by determination of APCA directors on the recommendation of the CECS management committee. Members of CECS may settle directly or indirectly but there are no separate categories of membership.