June 19, 2010

Minister of Finance announces task force to review payments system

OTTAWA--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 efficiency of the payments system; whether there is sufficient innovation in the payments system; the competitive landscape; whether businesses and consumers are being well served by payments system providers; and whether current payments system oversight mechanisms remain appropriate.

The task force will be chaired by Pat Meredith, an expert on financial sector strategy with a particular focus on payments issues.

“Technology and the Internet have fundamentally changed the way Canadians access and spend their money,” said Ms. Meredith. “The work of the task force will therefore be dynamic and thoughtful, with the broad aim of laying the foundation towards making our payments system a leader and an example for the rest of the world to follow."

”The task force, which will begin work immediately, is mandated to provide the Minister of Finance with recommendations by the end of 2011. In the coming weeks, the task force will invite submissions from stakeholders and all interested Canadians.

More information will be available soon at www.PaymentSystemReview.ca.




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