Terms of Reference: Interim Retail Payments Advisory Committee


The Interim Retail Payments Advisory Committee (the Committee) is established as a forum to provide advice and industry expertise to the Bank of Canada as the Bank designs and operationalizes the Retail Payments Supervisory Framework. In particular, the Committee would provide advice and expertise to support the Bank of Canada on the following topics:

  • Operational design of the oversight program: including the creation of registration and reporting processes, IT system, and website.
  • Supervisory framework: including facilitating the Bank’s understanding of the payment service provider (PSP) segment of the payments ecosystem and providing considerations for the Bank’s risk assessment, oversight monitoring, and enforcement procedures.
  • Industry developments: including bringing forward relevant issues for discussion, identifying areas of research, and considerations on how the Bank can best meet its proposed mandate.


The Committee is chaired by a representative of the Bank of Canada.

Expectations of the Chair

The Chair is responsible for selecting members of the Committee. In addition, the Chair is responsible for tabling open issues for discussion in relation to the Retail Payment Oversight Framework. The Chair will organize and host Committee meetings as well as share with members the documents necessary to facilitate discussions.


Membership selection

Membership of the Committee is determined by the Chair. The Chair will consider size, maturity, geographic location, and type of services provided in order to select members that are broadly representative of PSPs – as defined in the Department of Finance Canada consultation document on retail payments oversight. Members are invited based on a wide range of considerations, including the ability to engage effectively on a broad range of complex policy and technical issues, as well as general issues relevant to retail payments oversight.

Membership is extended by the Chair to an organization. The organization is responsible for selecting an appropriate representative to sit on the Committee. Representatives are expected to be familiar with and able to make decisions on risk mitigation and regulatory compliance options.

The Department of Finance Canada may also participate in select meetings.

Expectations of members

Members are expected to sit on the Committee for the full term.

Members represent their firms and should be able to speak on behalf of their organization and have knowledge with respect to a range of topics in their organization, including operations, risk management, technical issues, and compliance. Members should actively discuss policy issues, share best practices, share organizational concerns, and provide potential solutions.

Members are expected to dedicate the time and resources to the work of the Committee and any applicable sub-committees. Members are also expected to attend all regularly scheduled meetings in person or via video conference.

Members are expected to be aware of their obligations under the Competition Act and avoid the disclosure of any competitively sensitive information. Members should inform the Chair of any Competition Act concerns of which they become aware and which arise from the Committee’s discussions.

Depending on the topic(s), members may bring additional experts from their organization to participate in meetings with the permission of the Chair.

The initial term of the Committee is one year, after which its mandate and membership will be re-evaluated. The Chair of the Committee may invite federal departments or regulatory agencies to attend relevant meetings. The Committee may also draw from time to time on experts from the industry to inform the dialogue on select issues.

Frequency of Meetings

The Committee is expected to meet six times during its initial term.

The Committee may convene ad-hoc sub-committees to focus on specific issues such as testing an IT system. Sub-committee composition can be broader or narrower than the existing RPAC members and will consider the relevant required expertise. Sub-committees will report their progress and/or recommendations to the Committee on a regular basis for discussion.

Proceedings and Documents

The Bank of Canada is present at all Committee meetings and any sub-group meetings and performs the secretariat duties for the Committee.

High-level summaries of meetings are taken on a non-attribution basis and made available to all members. The summary will be made public after members have had an opportunity to review and provide feedback.

Members are invited to provide input (submissions, comments, etc.) to the Bank of Canada at any time on payments-related issues. The Bank will maintain the confidentiality of all information it receives from all members, except to the extent that the information may be public knowledge or in the event that the Bank is required by law (including the Access to Information Act) to release the information. The Access to Information Act outlines the grounds upon which the Bank can refuse to disclose third-party information. In the event that the Bank receives a request for information supplied by a member, the Bank will consult the member to ensure that the Bank has a full understanding of the sensitivity of the information, and the member will be provided the opportunity to explain why the information requested is confidential.

Information shared with the Committee will be treated as confidential unless there is consent to share outside the Committee. Members have the right to submit, verbally or in writing, sensitive information to the Chair without the information being made available to the rest of the members.