On July 28, Payments Canada released its 2020-2024 Corporate Plan, highlighting a number of legislative and regulatory initiatives, including:

• Introduction of the Retail Payments Oversight Framework (RPOF)

• Review of the Canadian Payments Act

• Consultation on the implementation of Open Banking

• Assessment of the opportunity to issue Central Bank Digital Currency (CBDC)

The regulatory and policy landscape plays a central role in the transformation of the payments ecosystem and these initiatives may support greater payments competition and innovation to benefit all Canadians.

Read more: Payments Canada 2020-2024 Corporate Plan