Payments Canada has opened a 30-day public consultation on policy proposals to align with amendments to the Canadian Payments Act (CP Act).
The CP Act amendments, awaiting coming into force on a day set by the Governor in Council, will expand Payments Canada membership eligibility to include payment service providers as defined in the Retail Payment Activities Act (RPAA) that perform retail payment activities, credit union locals that are members of a central, and clearing houses of designated clearing and settlement systems.
Changes to the CP Act to expand Payments Canada’s membership eligibility is 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.
Share comments and feedback on the policy proposals by emailing to consultation@payments.ca. The consultation period is open from February 4 to March 6.
The proposals and feedback received through the consultation process will inform drafting instructions for amendments to Payments Canada by-laws. Any proposed changes will then go through the regulatory approval process, including drafting with the Department of Justice and publication in the Canada Gazette. This work will ensure that as we broaden access to our systems, we are doing it in a way that is safe, sound and risk-based.