Payments Canada calls for broader access to payment infrastructure in response to federal pre-budget consultation
Proposed legislative amendments will support safe innovation for the benefit of Canadians.
Payments Canada has submitted the following response to the Government of Canada’s pre-budget consultation, focused on building a resilient economy that works for everyone.
Our submission calls for the government to make amendments to the Canadian Payments Act as part of Budget 2023. These amendments would expand Payments Canada’s membership eligibility to include credit unions, payment service providers (regulated under the Retail Payment Activities Act) and financial market infrastructure entities (designated under the Payments Clearing and Settlement Act). Doing so will encourage competition and safe innovation in payments, meaning greater choice and flexibility for Canadians and Canadian businesses in addressing their payment needs.
The 2023 pre-budget submission echoes our open letter to the Minister of Finance, co-signed by leading financial organizations from across Canada’s payment ecosystem, calling for broader access to Canada’s payment systems. It also reflects Payments Canada’s response to the House of Commons Standing Committee on Finance (FINA) 2023 pre-budget consultation in October 2022.