Industry News

17/02/2010 - Payment processing industry players have been relatively vocal about the Canadian code of conduct for debit and credit card processing, the final version of which is expected to be released in the next couple weeks. The latest voice in the debate was Tim Hockey, president and CEO of Toronto-Dominion Canada Trust.

In a guest article for the Globe and Mail, Hockey praised the code of conduct, saying that "the Minister largely got it right."

Hockey believes that the code will help merchants keep their payment processing costs low and transparent, and will ensure that competition in the debit card market is fair.

"Successful introduction of this code is important on two levels," he wrote. "It will help foster a stable, competitive payments market that continues to provide consumers with secure and seamless service. And it will help many of Canada's merchants - from small businesses to big-box stores - better manage the costs of doing business."

Finance Minister Jim Flaherty released a proposed version of the code in mid-November, and is now preparing the final version after having solicited comments from payment processing industry players.