Prominent figures within Canada’s payments sector persistently exhibit a united front in favor of modifications to the Canadian Payments Act aimed at augmenting Payments Canada’s membership. This support was demonstrated in a joint letter to the Minister of Finance, multiple pre-budget consultation submissions, and a Department of Finance consultation in 2018.

To increase safe access and participation in Payments Canada’s infrastructure, membership eligibility must be expanded. To ensure that the future of digital payments occurs within, rather than outside, of the regulatory system, the Government of Canada will promote competition and innovation by expanding access to include payment service providers, credit union locals, and operators of financial market infrastructures that comply with regulatory and legislative requirements.

Leaders in Canada’s payments industry continue to present a unified front supporting changes to the Canadian Payments Act intended to increase Payments Canada’s membership. Earlier expressions of this support included a coordinated letter to the Minister of Finance, many pre-budget consultation submissions, and a 2018 Department of Finance consultation.

Encouraging more people to use Payments Canada’s infrastructure and gain safe access requires expanding membership eligibility. By extending access to payment service providers, credit union locals, and operators of financial market infrastructures that abide by legal and regulatory requirements, the Government of Canada will foster competition and innovation and guarantee that the future of digital payments takes place inside, not outside, of the regulatory framework.

Banks, credit union centrals, and a few other categories of financial institutions, such as securities dealers, are the only institutions that can currently join Payments Canada. You must be a member to use Payments Canada’s infrastructure as a participant.

The Bank of Canada-designated financial market infrastructure operators, provincially regulated credit unions, and payment service providers registered with the Bank of Canada would all be eligible to join under proposed amendments to the Canadian Payments Act. A Payments Canada member must fulfill the risk-based access and participation requirements outlined in Payments Canada’s bylaws, regulations, and standards to be granted access to the payment systems.