Last week, some major changes to the Canadian Payments Act were implemented. 

The amendments to the act expand the membership eligibility to Payments Canada as well as give access to their core systems: Lynx, ACSS, and the upcoming Real-Time Rail, to more participants, including payment service providers like Paramount Commerce.

Canada’s Minister of Finance and National Revenue, François-Philippe Champagne, shared that “By broadening access to the systems that move money in Canada, we are injecting innovation and greater competition across the financial sector.” 

Why does this matter? Through this access, payment service providers will be able to offer businesses faster, more cost-effective solutions. It will also promote greater competition, choice, and trust in emerging payment options that will drive innovation and deliver direct benefits for merchants, consumers, and the economy.

For us at Paramount Commerce, we provide more than just a payment. This is another big step in our mission to simplify payments and to deliver the best payment experience that keeps up with the evolving needs of Canadian businesses and consumers. We couldn’t be more excited.

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