Payments Canada convenes and collaborates with a host of stakeholders, across the payments ecosystem. Through formalized processes and regular interactions, we work with financial institutions, various levels of government, the Bank of Canada, national stakeholders and international counterparts to provide and improve the payment clearing and settlement systems in Canada. As an organization, we are vested with a legislative mandate to promote public policy objectives for the Canadian payments system – safety, soundness and efficiency while taking into account our end-user interests. In line with these roles, Payments Canada welcomed the recent opportunity to provide feedback on the Department of Finance’s consultation, entitled A New Retail Payments Oversight Framework, published July 2, 2017.
Our response to the consultation consists of a brief overview of Payments Canada and our role in retail payments, a high-level discussion of the proposed Retail Oversight Framework and an analysis of each of the questions raised by the consultation. Read the full response: Retail Oversight Framework.