A host of financial organisations have sent a joint letter calling on Canada’s minister of finance to open up access to the country’s payment systems to local credit unions and payment service providers.
The signatories – including the Canadian Bankers Association, Canadian Credit Union Association, Fintechs Canada and Payments Canada – say that the country’s regulatory framework “has not kept pace with global and domestic payment developments”.
Expanding access to the country’s payments systems will drive competition, says the letter, adding: “Healthy competition in payments is the catalyst for innovation and will support Canada’s competitiveness globally, leading to improved payment products and services for Canadians and Canadian businesses.”
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.finextra.com/newsarticle/41524/canadian-government-urged-to-open-up-access-to-payment-systems?utm_medium=rssfinextra&utm_source=finextrafeed