Payments Canada names Andrew McCormack Vice President, Payments & Technology

OTTAWA, June 18, 2018 – Payments Canada today announced the appointment of Andrew McCormack to Vice President, Payments & Technology, joining Chief Risk Officer, Peter Dodic as newcomers to the organization’s executive leadership team.

Mr. McCormack joined Payments Canada in 2015 to lead experimental blockchain research, Project Jasper, as Director, Emergent Technologies. He went on to oversee the upgrade of Payments Canada’s core IT operations and the migration of the organization’s payment systems to a new and improved data and network infrastructure.

“Andrew has made a significant contribution to blockchain research in this country, all the while driving higher performance and resiliency in our existing payments systems,” said Gerry Gaetz, President & CEO of Payments Canada. “His unique aptitude for emergent technologies, combined with his commitment to safety, resiliency and reliability will be a key asset as we move into the execution phase of our payments Modernization program.”

Payments Canada is leading a multi-year industry program to modernize the infrastructure, rules and standards that underpin payments in Canada. These improvements will strengthen our resilience, align with international standards and create a platform for innovation, enabling new and exciting ways for Canadians to pay for goods and services, transfer funds  and exchange data about their payments. Supporting innovation at the customer level will be a faster, more flexible and secure payments infrastructure that puts Canada at the leading edge of payments.

For more information on payments Modernization in Canada, visit modernization.payments.ca

About Payments Canada

Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day. The organization underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, bylaws, rules and standards. The value of payments cleared by Payments Canada’s systems in 2017 was approximately $50 trillion or $200 billion every business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made with debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. Payments Canada is a proud supporter of the Catalyst Accord and The 30% Club.

For more information or to schedule an interview, please contact:

Tricia Weagant, 613-806-5168, tweagant@payments.ca

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