Federal Government launches Task Force for the Payments System Review
On June 18, 2010, Canada’s Minister of Finance announced the launch of the Task Force for the Payments System Review. The Minister of Finance announced that the Task Force’s mandate is to review:
- the safety, soundness and efficiency of the payments system;
- whether there is sufficient innovation in the payments system;
- the competitive landscape;
- whether businesses and consumers are being well served by payments system providers; and
- whether current payments system oversight mechanisms remain appropriate.
The task force, which will be chaired by Ms. Pat Meredith, is due to tender its recommendations by the end of 2011. It will be seeking submissions from stakeholders and interested Canadians in the near future. For further information, please visit http://www.paymentsystemreview.ca.
About Canada’s Payments System
Canada’s payments system is operated by the Canadian Payments Association (the CPA), a non-profit organization created by the Canadian Payments Act in 2001 (the Act). Under the Act, the CPA is required to:
- establish and operate national systems for the clearing and settlement of payments and other arrangements for the making or exchange of payments;
- facilitate the interaction of its clearing and settlement systems and related arrangements with other systems or arrangements involved in the exchange, clearing or settlement of payments; and
- facilitate the development of new payment methods and technologies.
The CPA’s payment systems handle, among other things, the clearing and exchange of cheques, direct deposits and debit card transactions.
