Payments Canada has launched a public consultation on the expansion of its membership, in line with amendments to the Canadian Payments (CP) Act.
Payments Canada membership eligibility is set to expand to include payment service providers, as defined in the Retail Payment Activities Act, that perform retail payment activities; credit union locals that are members of a central or a cooperative credit association; and finally, to clearing houses of designated clearing and settlement systems.
The policy proposals and feedback received through the 30-day public consultation will inform drafting instructions for amendments to the CP Act, which will come into force on a day set by the Governor in Council.
Any proposed changes will then go through the regulatory approval process, including drafting with the Department of Justice and publication in the Canada Gazette, to ensure Payments Canada is broadening access to its systems “in a way that is safe, sound and risk-based”.
Payments Canada is seeking comments and feedback on the policy proposals via email, with the consultation period open from today (February 4) to March 6.
Amendments to the Act, enacted in Bill C-59, received Royal Assent on June 20, 2024.
In a press statement, Payments Canada called the expansion of its membership eligibility “a critical step necessary to broaden access to Canada’s payment infrastructure”.
“By broadening Payments Canada’s membership eligibility to these groups, the Government of Canada will foster greater payment choices and innovation, laying the foundation for important benefits and opportunities for people living in Canada,” Payments Canada stated.
Last week, Payments Canada, along with its partners Interac, IBM and CGI, issued a quarterly update on the progress of Real-Time Rail, as well as the development of an integrated fraud solution.
