The Canadian economy depends on the exchange, clearing and settlement of billions of dollars each day. Payments Canada underpins the Canadian financial system and is responsible for operating Canada’s core payment clearing and settlement infrastructure, and establishing the bylaws, rules and standards for access and use of core systems. In doing so, Payments Canada ensures that financial transactions in this country are carried out safely and securely each day. More information about Payments Canada can be found here.
Moving forward to modernize
As the operator of Canada’s critical payments infrastructure, Payments Canada shapes the payment system for the benefit of all Canadians. We have a long history of providing the payments infrastructure that has allowed Canadians, their businesses and their institutions to exchange value. But the world is changing fast and so are payments. Payments Canada has embarked on a modernization initiative that will transform Canada’s core clearing and settlement system, drive innovation in the competitive space and position Canada well for the future.
Get involved: Stakeholder Advisory Council (SAC)
A key element of Payment Canada’s ability to provide high quality payments services for the benefit of Canadians is to connect, consult and collaborate with stakeholders across the payments ecosystem. Our goal is to create the necessary balance of rules and standards with efficient infrastructure to achieve optimized, low-friction value flow. Our Stakeholder Advisory Council (SAC) was created in 1996 and remains a key element of our consultative and engagement process.
Potential SAC Members can expect to:
- Contribute their skills and experience to make real progress in payments to benefit all Canadians;
- Collaborate with other stakeholders in the payment ecosystem (consumers, retail, government, treasury and service providers);
- Act as an ambassador to share information and promote ideas within the payments ecosystem;
- Actively participate in meetings and working groups;
- Attend three to five meetings per year;
- Devote approximately 20 hours per month to fulfill your role and responsibilities in support of the activities and work efforts of the council without remuneration; and
- Act in compliance with Payments Canada’s by-laws.
Submitting a nomination
Payments Canada is now accepting nominations to participate in the council, effective April 2017 for a term of up to three years. Nominations must be received by December 31, 2016. The board of directors, in consultation with the minister of finance, will make appointments to the council based on criteria outlined in the bylaw. All nominees will be informed of the Board’s decision.
When nominating a representative, Payments Canada encourages stakeholder organizations to review the *eligibility guidelines and take into account the diversity of their membership, including regional representation, and representatives who have current responsibilities for or direct experience in payments-related matters or financial operations.
*NOTE: Individuals or organizations who are identified as having a conflict of interest may be considered ineligible for appointment to SAC.
Stakeholders that wish to submit nominations for the council for the Payments Canada board’s consideration are asked to submit a completed nomination form and a curriculum vitae to email@example.com
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