The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today issued the following statement regarding Canada's financial system:
"Today marks a significant step forward for the future of payments in Canada.
"I am pleased to announce that legislative amendments to the Canadian Payments Act have officially come into force, expanding membership eligibility in the Canadian Payments Association, also known as Payments Canada, which owns and operates Canada's core payment clearing and settlement systems.
"With these changes, new entities can now apply to become members and participate directly in the national payment systems that move money in Canada. By broadening this access, we are supporting innovation across the financial sector, enabling greater competition and ensuring Canadians and Canadian businesses benefit from more choice and new services that meet their needs.
"The legislative amendments expand membership eligibility to payment service providers registered and supervised by the Bank of Canada under the Retail Payment Activities Act regime; credit union locals that are members of a credit union central; and operators of clearing and settlement systems designated under the Payment Clearing and Settlement Act and overseen by the Bank of Canada.
"This progress aligns directly with our government's commitment to providing faster, more secure, and more innovative payments as part of a stronger, more connected Canadian economy."
