Coalition of leading industry stakeholders voice continued support for vital Canadian Payments Act amendments
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Wednesday, October 11, 2023
Government, Ministry of Finance, Bank, Payment, Foreign policy, Organization, Select Committee of the House of Commons on the Civil Government of Canada, Redundancy Payments Act 1965, Safety, Minister of Finance (Canada), Social impact, Legislation, Interac, Manufacturing Technologies Association, SVP, Riau rupiah, Financial data vendor, ETA, CFIB, Canadian Federation of Independent Business, Health insurance, Online shopping, Policy, Payments Canada
Expanded membership eligibility is essential to broaden safe access and participation on Payments Canada's infrastructure. By broadening access to include payment service providers, credit union locals, and operators of financial market infrastructures that meet regulatory and legislative requirements, the Government of Canada will foster competition and innovation and help ensure the future of digital payments happens within -- and not outside -- the regulatory system.
Key Points:
- OTTAWA, ON, Oct. 11, 2023 /CNW/ - Leaders across Canada's payments industry continue to demonstrate unified support for amendments to the Canadian Payments Act to expand Payments Canada's membership.
- "Payments are changing at an unprecedented rate," said Tracey Black, President and Chief Executive Officer of Payments Canada.
- Interac supports updating the Canadian Payments Act to enable broadened participation in national payments infrastructure and will continue to work with industry stakeholders to advance opportunities for increased access on our network and products."
- The amendments to the Canadian Payments Act are long overdue and necessary to enable non-bank access to the payment system.