Canadian Government Asked To Expand Access To Payment Systems

Numerous financial institutions have written to Canada’s finance minister urging him to provide local credit unions and payment service providers access to the nation’s payment networks.

To include qualifying credit unions, PSPs, and financial market infrastructure firms in Payments Canada, the letter requests Minister Chrystia Freeland to alter the Canadian Payments Act.

The signatories, which include Payments Canada, Fintechs Canada, the Canadian Bankers Association, and the Canadian Credit Union Association, claim that the country’s regulatory structure needs to keep up with global and local payment innovations.

“Healthy competition in payments is the catalyst for innovation and will support Canada’s competitiveness globally, leading to improved payment products and services for Canadians and Canadian companies,” the letter continues, arguing for more access to the nation’s payment networks.