Carol Brigham, managing director of supervision at the Bank of Canada, told reporters Friday that she was “thrilled” with how many companies registered for its new oversight regime for the electronic payments industry within hours of applications opening. (The Logic)
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Carol Brigham, managing director of supervision at the Bank of Canada, told reporters Friday that she was “thrilled” with how many companies registered for its new oversight regime for the electronic payments industry within hours of applications opening. (The Logic)
Talking point: Non-bank businesses that make money from payment services have 15 days to register with the central bank under a sweeping new regulatory regime designed to safeguard against company failures, hacks and other risks. Affected businesses must meet standards for safeguarding user funds, mitigating risks and reporting incidents. Registration also grants payment companies eventual access to the long-delayed Real-Time Rail system, which would facilitate near-instant financial transactions. The bank, which didn’t disclose how many have registered so far, will publish a final list on Sept. 8, 2025.
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