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2023 Fall Economic Statement reflects payment industry priorities

Changes to the Canadian Payments Act will benefit Canadians.

Payments Canada applauds the inclusion of changes to the Canadian Payments Act (CP Act) in the 2023 Fall Economic Statement (FES), Building a strong economy that works for everyone.

Canada’s payment industry has been actively calling for changes to CP Act to expand Payments Canada’s membership eligibility and access to our systems to include payment service providers, credit union locals and operators of financial market infrastructures that meet regulatory and legislative requirements. By supporting these critical legislative changes, the Government of Canada will foster greater choices and innovation, laying the foundation for important benefits and opportunities for people across the country. In consultation with our members, stakeholders and regulators, Payments Canada will advance by-law amendments required to operationalize changes to the CP Act. We look forward to working with the industry to bring the benefits of broader access to life.

Payments Canada congratulates the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, on including these important changes in the 2023 FES. Other financial sector highlights included in the 2023 FES include:

  • Consumer Driven Banking — The federal government will introduce legislation through Budget 2024 to establish a consumer-driven banking framework that would regulate access to financial data. Concurrent to this announcement, the government is releasing a policy statement outlining its position on key policy objectives and core framework elements, including governance, scope, accreditation, common rules, and technical standards.
  • Combating Financial Crimes — The 2023 Fall Economic Statement announces the government's intention to introduce legislative measures to continue strengthening Canada's AML/ATF Regime, including, for example, broadening the legal framework to apply to white-label ATM acquirers.

Read the full 2023 FES.

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