The Interim Retail Payments Advisory Committee (RPAC) is a forum set up by the Bank of Canada to gather industry expertise about the retail payment services landscape. The Bank is designing and getting ready to implement the Retail Payments Supervisory Framework.
The interim committee provides advice and expertise to support the Bank of Canada’s understanding in the following areas:
- framework structure: helping the Bank of Canada understand the retail payments segment of the financial ecosystem and providing input on the Bank of Canada’s risk assessment, oversight and enforcement procedures
- operational design: offering suggestions on the framework’s overall design, including the creation of registration and reporting processes, the IT system and the website
- industry developments: raising relevant issues for discussion, identifying areas of research and considering how the Bank of Canada can best meet its proposed mandate
For more information, consult the committee’s Terms of Reference.
The initial term of the committee is one year, after which the Bank will re-evaluate its mandate and membership.