News and Articles
The Comment Period has closed!
Septmeber 2, 2011 – The call for comments on The Way We Pay: Transforming the Canadian Payments System has come to a close. Comments have been posted online so that Canadians can access and read them.
Thank you to all our participants,
Pat Meredith, Chair, Brad Badeau, John Chant, Lili de Grandpré, Laura Gillham, Stéphane Le Bouyonnec and Terry Wright
Reminder: Submit Your Response to The Way We Pay
August 24, 2011 – In early July, The Task Force for the Payments System Review posted its discussion paper, The Way We Pay: Transforming the Canadian Payments System.
We would like to remind all participants that written responses should be sent as soon as possible so that we may consider all perspectives and views on the work to date. We would appreciate receiving your comments by September 2, 2011.
Although we prefer written responses, participants are welcome to send us an email, or contact the secretariat directly to share your views. Responses will be posted online.
Make your opinion matter!
Conversation Hub Launched!
July 13, 2011 – The Task Force for the Payments System Review is pleased to announce the launch of the online Conversation Hub.
The Hub features a 180 second video crash-course on the future of payments, facts and questions we want you to think about, and links to our Twitter and Facebook tools so you can tell us what you think.
The Hub also makes it easy to find out more about what’s happening in payments, drawing from our own research as well as some of the best ideas and articles we come across.
You might also want to read our recently-released discussion paper,
The Way We Pay
July 8, 2011 – The Task Force for the Payments System Review is today posting its discussion paper, The Way We Pay: Transforming the Canadian Payments System.
This discussion paper describes the evolution of the Task Force’s thinking, beginning with our creation in June, 2010. It elaborates on the goal of becoming a world leader in payments by articulating the principles we feel must be respected going forward. It sets out the fundamental challenges as we see them. And it carves out the preliminary elements of a proposed Governance Framework that serves as an initial [...]
The Submission Period has closed!
September 16, 2010 – The first call for submissions has come to a close. Over the next few days, all submissions will be posted online so that Canadians can access and read the reports.
You can still have your say by participating in the online discussion forum on the Canadian Payments Landscape document, a holistic mapping of the current Canadian payments landscape, and the common basis for discussion and collaboration.
The discussion forum on the landscape document will be maintained throughout the fall of 2010. Comments will help refine the points expressed in the landscape document, and further enhance the [...]
The Canadian Payments Landscape: Open For Discussion
September 14, 2010 – The independent Task Force for the Payments System Review is today releasing a commissioned report on the state of the Canadian payments system. The report, Canadian Payments Landscape, offers a holistic mapping of the current Canadian payments landscape, and is intended to serve as a common basis for discussion and collaboration.
The full report is being made available as a downloadable PDF document. Participants may also like to review the Executive Summary for a more condensed overview of the report[1].
Welcome!
Welcome to the Task Force for the Payments System Review Website!
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 [...]
About the Canadian Payments System
The payments system refers to arrangements that allow consumers, businesses and other organizations to transfer value. The payments system includes all the institutions, instruments and services that support the transfer of value between parties in a transaction.
A safe and efficient payments system is essential to the day-to-day business of the Canadian economy and to settle transactions in the financial sector.
Composition of the Canadian Payments System
The payments system includes a broad range of participants, who offer payment services ranging from traditional methods (paper cheques) to new and innovative approaches such as mobile payments. The payments system comprises:
- Financial institutions;
- Debit and credit card networks;
- Merchant acquirers—a service that gives [...]
Minister of Finance Announces Task Force to Review Payments System
Related document
The Honourable Jim Flaherty, Minister of Finance, today announced the launch of the Task Force for the Payments System Review to help guide the evolution of the payments system in Canada.
“Today, Canadians can pay for things in a bewildering number of ways, even by tapping a cell phone against a scanner,” said Minister Flaherty. “It is important to ensure the payments system facilitates the introduction of new and exciting technologies to the benefit of users without compromising Canadian safety and efficiency or consumer protection.”
The task force fulfills a commitment made in Budget 2010 to review the safety, soundness and [...]
Strengthening Canada’s Payments System, Budget 2010
Excerpt, Strengthening Canada’s Payments System, Chapter 3.3, Building on a Strong Economic Foundation:
Given the importance of a safe and efficient payments system to consumers, merchants and payments system providers, the Government will appoint an independent Task Force to conduct a comprehensive review of the Canadian payments system and make recommendations to the Minister of Finance. The Task Force will review the safety, soundness and efficiency of the payments system; whether there is sufficient innovation in the system; the competitive landscape; whether businesses and consumers are being well served; and whether current payment system oversight mechanisms remain appropriate. The Task Force, which will be [...]