Bank of Canada designates Interac, Mastercard, Visa

Summary#

This Canada Gazette notice records three retail payment networks being formally placed under the Bank of Canada’s oversight and a small change to the lands managed by a port authority. The Bank of Canada designated the Interac network, Mastercard systems, and VisaNet as subject to the Payment Clearing and Settlement Act, effective October 16, 2023. The notice also adds federal lands in Port Colborne and Thorold to the Hamilton‑Oshawa Port Authority’s management, effective October 3, 2023, and lists open Governor in Council appointment opportunities.

What it does#

• Designates three retail payment systems as subject to Part I of the Payment Clearing and Settlement Act:
  • Interac Corp.’s Inter Member Network (IMN), effective October 16, 2023.
  • Mastercard International Inc.’s Global Clearing Management System and Single Message System (the “Mastercard system”), effective October 16, 2023.
  • Visa Inc.’s VisaNet system, effective October 16, 2023.
• Amends the letters patent for the Hamilton‑Oshawa Port Authority under the Canada Marine Act by adding specific federal properties in Port Colborne and Thorold to the port authority’s Schedule B. These supplementary letters patent took effect on October 3, 2023.
• Publishes a list of open Governor in Council appointment opportunities and invites applications for many federal boards and agencies (a wide range of positions across departments and Crown corporations).

Who's affected#

• Users of debit and credit card systems — individuals and businesses who pay with or accept cards — could see the indirect effects of new oversight of:
  • Interac Corp., Mastercard International Inc., and Visa Inc.
• Banks, payment processors, card issuers, acquirers, and merchants that rely on these payment networks.
• The Hamilton‑Oshawa Port Authority, and people or businesses operating on or near the added federal lands in Port Colborne and Thorold.
• Canadians interested in public service leadership roles: the Privy Council Office is asking for applicants for many Governor in Council positions.

Why it matters#

• Designating the three payment systems under the Payment Clearing and Settlement Act gives the Bank of Canada clearer authority to supervise and manage risks in systems that handle large volumes and values of everyday payments. That can mean stronger protections against outages or failures that would disrupt people’s ability to pay.
• Transferring management of specific federal lands to the Hamilton‑Oshawa Port Authority changes who runs and makes decisions about those lands. That can affect local port operations, development plans, leases, or waterfront uses in Port Colborne and Thorold.
• The appointment notice matters if you want to serve on federal boards or influence public governance. The government is actively recruiting diverse candidates for many positions.