Yes, absolutely.
Maybe I can just start by describing the payments modernization program.
Payments modernization has three components, the first being expanding membership eligibility in Payments Canada, which is the subject of the amendments before this committee, as well as the establishing of the Retail Payment Activities Act regime, which will effectively enable the Bank of Canada to supervise registered payment service providers. The regime itself, that is, the final regulations, has been released. Registration of payment service providers will begin in November of this year, with the substantive elements of the regime coming into force in September 2025. That's the second part of the program.
The third part of the payments modernization program is Payments Canada launching the real-time rail, which is effectively a new payment system that enables instantaneous data-rich payments to be exchanged, cleared and settled instantly 24/7. The purpose of this payments modernization program is to provide new payment options for consumers and for businesses that enable these fast payments, allowing new payment participants into the ecosystem, regulated payment participants in the ecosystem, and provide lower cost opportunities, again for the benefit of Canadian consumers and businesses.