Finance committee  Absolutely. I am Nick Marion of the payments policy team at the Department of Finance.

Finance committee  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.