|
The CPA has developed a detailed policy framework setting out the criteria that online payment services must meet in order for their payments to be eligible for clearing through the CPA’s systems. This document builds on the key elements of the draft framework originally proposed for these payments (previously described as “remotely initiated one-time electronic payments”) that was issued for consultation in late 2002. A fundamental element of the framework is that financial institutions will be responsible for authenticating their own customers who wish to pay for online purchases directly from their accounts.
The CPA’s Online Payment Requirements Consultation Paper elaborates on the criteria that online payment solutions must satisfy for their payments to be eligible for clearing. This document has formed the basis for the development of a CPA Draft Rule applicable to online payments entitled, Draft Rule "X" Exchange for the Purpose of Clearing and Settlement of Electronic On-line Payments. Interested parties are invited to comment on the Consultation Paper and/or the Draft Rule by August 6, 2004. All comments should be submitted to consultation@cdnpay.ca. |
