/payments

News and resources on payments systems, innovations and initiatives worldwide.

Canadian government urged to open up access to payment systems

A host of financial organisations have sent a joint letter calling on Canada's minister of finance to open up access to the country's payment systems to local credit unions and payment service providers.

  3 Be the first to comment

Canadian government urged to open up access to payment systems

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The letter asks Minster Chrystia Freeland to amend the Canadian Payments Act to expand Payments Canada membership to eligible credit unions, PSPs and financial market infrastructure entities.

The signatories - including the Canadian Bankers Association, Canadian Credit Union Association, Fintechs Canada and Payments Canada - say that the country's regulatory framework "has not kept pace with global and domestic payment developments".

Expanding access to the country's payments systems will drive competition, says the letter, adding: "Healthy competition in payments is the catalyst for innovation and will support Canada’s competitiveness globally, leading to improved payment products and services for Canadians and Canadian businesses."


Sponsored [New Survey Report] The Global Fight Against Trade-Based Financial Crime

Comments: (0)

[Webinar] SaaS savvy: Preparing for embedded and data driven bank paymentsFinextra Promoted[Webinar] SaaS savvy: Preparing for embedded and data driven bank payments