Welcome to the Task Force for the Payments System Review!
From cash purchases at the corner store to multi-million dollar transfers between businesses, Canadians rely on the payments system every day. Once limited to the simple transfer of funds, the payments system has evolved to include all the institutions, instruments and services that support the transfer of value between parties, including money, financial instruments, and even the exchange of information.
Moreover, the rapid pace of technology and the changing behaviours of Canadians have dramatically altered the payments landscape. The internet has facilitated an online marketplace where payments are being made in new and innovative ways.
Banks and institutions as well as new players entering the market are offering a wider array of payment options, and Canadians want choice, as well as continued security and greater efficiency.
Formally announced on June 18, 2010 by the Minister of Finance, the Task Force for the Payments System Review will spend the next year looking at the Canadian payments system with the goal of articulating key recommendations to help guide the future of this important system.
The mandate of the work is broad, and the potential impact for Canadians is significant. To that end, the task force will use this website to inform the public and engage with Canadians and stakeholders.
There will be several different ways to participate, starting with an online submission centre where individuals and organizations can submit thoughts and ideas. To help guide the submissions, the task force has suggested a few broad themes and invites participants to review and respond to them. Submissions will be posted online so that all Canadians can access them and read the reports.
As the work of the task force advances, new features will be added to help people express their opinions, including a discussion forum in the fall and a second round of consultations next spring. Participants may also wish to consult the learning sections to review some preliminary information and link to external sites.
The task force invites all Canadians—consumers, merchants, and industry players—to sign up for the email alert or to the RSS feed to keep abreast of its work and to be kept up-to-date on new and engaging ways to participate in this dialogue.
Pat Meredith, Chair
Lili de Grandpré
Stéphane Le Bouyonnec