The Federal Department of Finance recognizes that the current regulatory framework for payment service providers is focused narrowly on institutions like banks and payment card networks. As new payment options, provided by non-traditional market participants, continues to grow, so too do the number of market participants that fall outside the existing regulatory framework.
To address the oversight gap, the Federal Department of Finance is currently exploring options to expand its regulatory oversight framework based on a functional approach. A broadened focus will most importantly benefit and serve the interests of end-users.
Telpay is involved with the Federal Department of Finance’s oversight framework project and is a participating member of the department’s consultative committee, FinPay, which met in April in Ottawa to discuss industry oversight.