Canada is making great progress on its payments modernization program, including implementing a new credit risk model for the country’s retail payment system and enhancements to Automated Funds Transfer.
Today Payments Canada published the Modernization Delivery Roadmap 2018 Update, a follow up to the Modernization Target State. Based on ongoing consultation with Canadian financial institution members, stakeholders and regulators, the Delivery Roadmap 2018 reflects revised dates and activities including:
- High-value payments system - Lynx: The appointment of a prime vendor for hosting and system integration services as an additional step to manage risk and effectively deliver on Payments Canada’s commitment to meet the highest international security, resiliency and operating standards.
- Real-time rail: Clearer articulation of the release schedule for the new real-time payments system in Canada.
- Retail batch payments: The prioritization of additional improvements to the current retail batch payments system in advance of progressing to a new, centralized system, which will reduce system risk and support broadening access to members. The additional enhancements to the current system will build on the series of enhancements introduced in 2018.
Staying up-to-speed on Canada’s Modernization journey
Modernization is delivered by an ambitious plan that will be refined and updated as milestones are reached. As Payments Canada moves through the journey, we are committed to publishing an annual update on the Modernization Delivery Roadmap and progress. To learn more about the Modernization journey, subscribe to our quarterly stakeholder newsletter, The Exchange.
For additional information about Payments Canada’s Modernization program, check out the Vision for the Canadian Payment Ecosystem Companion Reader (April 2016), the Industry Roadmap & High-Level Plan Companion Reader (December 2016) and the Modernization Target State Companion Reader (December 2017).
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