Concerns are mounting in Ottawa following the announcement that Moneris, a critical Canadian payment processing company jointly owned by Bank of Montreal and Royal Bank of Canada, is being acquired by U. S.-based Francisco Partners for approximately $2 billion. Nova Scotia Senator Colin Deacon has emerged as a vocal critic, warning that this transaction signals an alarming trend of further financial integration with the United States and potential risks to Canadian data sovereignty.
Moneris, established in 2000, processes roughly one in three payment transactions across Canada, serving over 325,000 businesses. Senator Deacon expressed his apprehension on CBC's Power & Politics, stating that the acquisition means a vital payment system will now be "100% US-owned," leaving Canada without a Canadian-owned entity in this key sector. He highlighted that payment processors handle sensitive data, including merchant and cardholder information, and raised concerns about how this data could be accessed by U. S. authorities.
This development occurs amidst ongoing discussions about Canada's digital privacy laws, with new legislation still working its way through Parliament. Critics, like Sharon Polsky of the Privacy and Access Council of Canada, are worried that Canadian data could be compromised if U. S. laws compel companies to share information. While Moneris has stated its commitment to serving Canadian businesses remains unchanged, the shift in ownership raises significant questions about the future oversight of sensitive financial data within Canada. The deal is expected to close by early 2027, pending regulatory approvals.
