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Home»Fintech»Canadian government urged to open up access to payment systems
Fintech

Canadian government urged to open up access to payment systems

December 19, 2022No Comments1 Min Read
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A number of economic organisations have despatched a joint letter calling on Canada’s minister of finance to open up entry to the nation’s fee programs to native credit score unions and fee service suppliers.

The letter asks Minster Chrystia Freeland to amend the Canadian Funds Act to develop Funds Canada membership to eligible credit score unions, PSPs and monetary market infrastructure entities.

The signatories – together with the Canadian Bankers Affiliation, Canadian Credit score Union Affiliation, Fintechs Canada and Funds Canada – say that the nation’s regulatory framework “has not saved tempo with international and home fee developments”.

Increasing entry to the nation’s funds programs will drive competitors, says the letter, including: “Wholesome competitors in funds is the catalyst for innovation and can assist Canada’s competitiveness globally, resulting in improved fee services for Canadians and Canadian companies.”

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access Canadian government open payment Systems urged
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