Canadian Payments Association (CPA) announces new Board of Directors and governance model to better serve Canada’s payment and financial systems
OTTAWA, July 23, 2015 - The Canadian Payments Association (CPA) today announced the election of a new Board of Directors pursuant to legislation adopted by Parliament last December. The new board will be chaired by Eileen Mercier, who will be supported by a carefully recruited team of accomplished Canadian and international payments, public policy, business and technology experts. The new board will help lead the CPA as it implements its strategy to modernize Canada's core national payments infrastructure as part of its overall vision to be the centre of excellence for payments in Canada.
The new board has established a Member Advisory Council (MAC). This council will serve as a consultative and engagement forum for the CPA's membership, and will provide advice and counsel to the board. It will work alongside the existing Stakeholder Advisory Council (SAC), which represents the broad constituency of payments system users.
"The new governance model achieves a better balance of member and independent representation on the CPA board, enabling it to effectively consider a broader range of user interests at a time of rapid change in the Canadian payments system," said Gerry Gaetz, CPA's President and CEO.
"I'm delighted that the CPA will benefit from the new board and Chair's strategic leadership and experience. Eileen Mercier, past Chair of Ontario Teachers' Pension Plan board, has a distinguished and successful track record as a professional director," added Mr. Gaetz.
The CPA is vested with a legislative mandate to promote public policy objectives for the Canadian payments system -- efficiency, safety and soundness and the consideration of user interests. It is committed to meeting the highest domestic and international standards for financial market infrastructures and to providing payments clearing and settlement services to its member financial institutions.
"Evolving technology, innovation, regulatory requirements and changing user expectations are placing unique demands on payment systems and their core infrastructure, in Canada and around the globe. I am honoured to lead the CPA board at this critical time in the organization's history," said Eileen Mercier, Chair of the CPA Board of Directors.
"The CPA's mandate, public policy objectives and focus on enhanced industry collaboration require strong leadership and governance. My fellow board members and I are committed to overseeing the work of the CPA in realizing its strategy and vision," concluded Ms. Mercier.
About the Canadian Payments Association:
The CPA underpins the Canadian financial system and economy by providing safe, efficient and effective clearing and settlement of payments, which totaled $44.9 trillion in 2014, or $178 billion every business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made via debit cards, pre-authorized debits, direct deposits, bill payments, wire payments or cheques. The CPA's Large Value Transfer System (LVTS) is designated by the Bank of Canada as a systemically important payment system.
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