Mandate of the Task Force
The payments system refers to arrangements that allow consumers, businesses and other organizations to transfer value from one party to another. It includes the institutions, instruments and services that facilitate the transfer of value between parties in a transaction.
Given the importance of a safe and efficient payments system and the need to ensure that the framework supporting the payments system remains effective in light of new participants and innovations, the government is appointing this task force to conduct a review of the payments system. Specifically, the task force will:
- Identify public policy objectives to be pursued in the operation and regulation of the payments system;
- Identify and assess the regulatory and institutional structures best suited to achieving these public policy objectives;
- Assess and report on the safety and soundness of the Canadian payments system;
- Assess the competitive landscape by identifying any potential barriers for new entrants and mechanisms to improve the competitive landscape of the domestic payments system;
- Assess the degree of innovation in the domestic payments system and report on the challenges and opportunities to bring new and innovative products to market in Canada; and
- Assess and report on whether consumers and merchants are well served by the domestic payments system.
Through the above assessment, it is expected that the task force will provide concrete, actionable advice and recommendations to the Minister of Finance to help guide the evolution of the payments system in Canada.