They must be designed and operated to ensure that risk is effectively managed, using international standards,13 and providing open risk-based access and ubiquitous coverage. Core systems need to be efficient to remain competitive by keeping costs low. These key attributes will help to ensure that the critical mass of participation required to realize economies of scale and maximize social benefits will be achieved.
The Bank of Canada is working with the Department of Finance to develop a new comprehensive framework for the oversight of payment systems that articulates this vision. It needs to be flexible, forward looking, and risk-based to meet public policy objectives, even as payment systems evolve and new trends emerge. The challenge is to find the balance between ensuring safety and promoting efficiency.