Today, the Bank of Canada published Criteria and Risk-Management Standards for Prominent Payment Systems. The criteria and risk-management standards exercise the Bank of Canada’s new responsibility for identifying and overseeing payments systems that have the potential to pose payments system risk.1 The Bank is currently using the criteria to identify systems that may pose payments system risk and will provide public notice of any system that will be designated for oversight.

The Bank has also published summaries of, and responses to, comments received through the consultation process initiated in June 2015 regarding the new criteria and risk-management standards for prominent payment systems: Consultations on the Criteria and Risk-Management Standards for Prominent Payment Systems: Summary and Responses to Comments Received.

The Bank of Canada is grateful for the helpful comments that were provided from a variety of industry participants during the two-month consultation period.

Paul Miller
Assistant Chief
Payment System Oversight Division
613 782-7643

Media Relations
Bank of Canada
613 782-8782

  1. In December 2014, the Payment Clearing and Settlement Act was amended to give the Bank of Canada responsibility for identifying and overseeing payments systems that have the potential to pose payments system risk. []