We are Payments Canada
We are the organization that underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, by-laws, rules and standards.
We are a public purpose, non-profit organization fully funded by our members. We're headquartered in Ottawa with a growing team in Toronto’s financial district, with approximately 240 full-time staff, and operate under a Board of Directors.
Our legislated mandate, as set out in the Canadian Payments Act, includes the following objectives:
- 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.
- Facilitate the development of new payment methods and technologies.
In fulfilling our mandate, Payments Canada has the public policy objective of promoting the efficiency, safety and soundness of its clearing and settlement systems and taking into account the interests of users.
We are well on our way to realizing our Vision of a thoroughly modernized payments infrastructure that will benefit all Canadians. To fulfill our vision and deliver on our mandate, Payments Canada follows and implements a five-year corporate plan.
In 2020, this included three long-term desired outcomes:
- MODERNIZE: Modernize the core payment systems, including the policies, rules, standards and technology infrastructure.
- OPERATE & ENHANCE: Strengthen management and overall performance in the key areas of payment systems resilience, and operational excellence.
- FACILITATE: Actively engage with payment system players to understand, inform and leverage market forces.