Canada Launches Task Force to Review Payments System
Canada’s Minister of Finance Jim Flaherty has launched a task force to review the payments system and help guide its evolution.
The task force fulfils 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. Pat Meredith, an expert on financial sector strategy with a particular focus on payments issues, will chair the task force.
“Technology and the Internet have fundamentally changed the way Canadians access and spend their money,” said 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 is mandated to provide the Minister of Finance with recommendations by the end of 2011.