The Bank of Canada (BoC) will bring payment service providers under more supervision and launch a real-time payments system over the next two to three years,...
OTTAWA - The Bank of Canada will bring payment service providers under more supervision and launch a real-time payments system over the next two to three years, it said on Thursday, in efforts to modernize the country's financial architecture.
A PSP is any company that helps people store or move their money electronically. This encompasses businesses that offer digital wallets, provide point-of-sale terminals or facilitate cross-border money transfers. Canada's payment systems are mainly controlled by the big five banks, an arrangement that critics say has led to high fees and delays.
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Payments System Ron Morrow Supervision Canada Service Providers Payments Systems Payments Canada
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