Retail Payments Advisory Committee: Terms of Reference

Learn about the Retail Payments Advisory Committee (RPAC) mandate, its membership and proceedings.


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

  • Supervisory framework: facilitating the Bank’s understanding of the retail payments segment of the financial ecosystem and providing considerations for the Bank’s supervisory approaches;
  • 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 new supervisory mandate.


RPAC is chaired by a representative of the Bank of Canada.

Expectations of the Chair

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


Membership selection

Membership of RPAC 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 payment service providers. 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 the regulatory frameworks applicable to retail payments.

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

Expectations of members

Members are expected to sit on RPAC for the full term of one year, after which its mandate and membership will be re-evaluated.

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 RPAC and any applicable sub-committees. Members are also expected to attend 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.


RPAC is expected to meet six times during its term.

The Chair of RPAC may invite the Department of Finance Canada or other agencies to attend relevant meetings. RPAC may also draw from time to time on experts from the industry to inform the dialogue on select issues.

On specific, technical topics, a sub-group of RPAC members may be asked to provide feedback outside the scheduled RPAC meetings.

Proceedings and documents

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

Any discussion material will be circulated to RPAC members by the Chair three weeks in advance of a meeting, and will also be made public prior to or immediately following the meeting. 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 at any time on retail 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 third party 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 RPAC will be treated as confidential unless there is consent to share outside of RPAC. 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.