Three Card Networks Designated Under Payments Act

Summary#

The Bank of Canada has formally designated three major card-payment systems — Interac Corp.’s IMN, Mastercard International Inc.’s clearing systems, and Visa Inc.’s VisaNet — as subject to Part I of the Payment Clearing and Settlement Act, effective October 16, 2023.
Separately, Transport Canada issued supplementary letters patent adding federal lands in Port Colborne and Thorold to the Hamilton‑Oshawa Port Authority’s management. The Privy Council Office also published a long list of current Governor in Council appointment opportunities.

What it does#

• Designates three payment systems as subject to Part I of the Payment Clearing and Settlement Act:
  • Interac Corp. — the Inter Member Network (IMN).
  • Mastercard International Inc. — the Global Clearing Management System and Single Message System.
  • Visa Inc. — the VisaNet system.
  • These designations were made because the systems handle very large volumes and values of retail payments and could pose a payments-system risk if disrupted. The designations take effect October 16, 2023.
• Amends the letters patent for the Hamilton‑Oshawa Port Authority by adding federal properties in Port Colborne and Thorold to Schedule B. The added property identification numbers are 64457-0128 (LT) and 64051-0135 (LT).
• Lists many open Governor in Council appointment opportunities on behalf of the Privy Council Office. Each posting is open for at least two weeks from when it appears on the appointments website.

Who's affected#

• People and businesses that use card payments: cardholders, merchants, payment processors, banks, and other financial firms that rely on Interac, Mastercard, or Visa systems.
• The Hamilton‑Oshawa Port Authority, local governments, and anyone with interests in port lands or operations in Port Colborne and Thorold (including businesses that use those port facilities).
• Canadians who might apply for federal Governor in Council positions listed by the Privy Council Office.

Why it matters#

• Bringing the three major card systems under Part I of the Payment Clearing and Settlement Act gives the Bank of Canada a clearer legal footing to oversee and reduce systemic payment risks. That can help protect the ability of people and businesses to make and receive payments during serious disruptions.
• Adding lands to the Hamilton‑Oshawa Port Authority changes who manages those federal properties. That can affect local planning, port operations, leases, and development around those sites.
• The appointments listing is a routine but practical chance for Canadians to apply for many federal leadership roles.