2024 Annual Report now available
Payments Canada is pleased to announce the release of its 2024 Annual Report, Payments for Canadians.
This year’s report highlights our progress, achievements and financial performance over the year, reflecting our ongoing efforts to advance our strategic priorities and build a more resilient inclusive and innovative payment ecosystem.
Key achievements in 2024
Record payment volume: In 2024, our systems processed and settled $107 trillion, more than $424 billion every business day, underscoring the critical role our infrastructure plays in supporting Canada’s financial stability and economic growth.
Renewed momentum on the Real-Time Rail (RTR): Significant technical progress was made on the RTR, which will clear and settle payments between financial institutions in real-time, 24/7/365 days a year.
Enhanced bill payment processing: We conducted a public consultation to refine processes related to bill payment processing within the Automated Clearing Settlement System (ACSS). Proposed amendments were aimed at improving efficiency, user experience and aligning industry practices.
Strengthened system resilience: Key amendments to both the ACSS and Lynx high-value payment system reinforces our commitment to operational continuity and risk management.
Changes to the Canadian Payments Act: The recently received Royal Assent for changes to the Canadian Payments Act will, when they come into force on a day set by the Governor in Council, expand Payments Canada membership eligibility to include payment service providers as defined in the Retail Payment Activities Act (RPAA) that perform retail payment activities, credit union locals that are members of a central, and clearing houses of designated clearing and settlement systems. Membership is a necessary step to participation on Payments Canada systems. Broader participation will foster greater inclusivity, competition and innovation within the ecosystem.
Strengthening the payment ecosystem
The SUMMIT: Our largest and most collaborative event to date, The Payments Canada SUMMIT connected more than 1,800 participants and over 300 expert speakers, continuing to serve as a key forum for dialogue, education and industry engagement.
Research and thought leadership: Payments Canada remained at the forefront of thought leadership, publishing research and policy papers on critical topics such as fraud mitigation, artificial intelligence and the growing demand for real-time payments, helping to inform the future of Canada’s payment system.
Looking ahead, Payments Canada remains committed to enabling a resilient, inclusive and innovative payment ecosystem that meets the changing needs of Canadians.
Download the complete 2024 Annual Report — Payments for Canadians — to explore all of our achievements, initiatives and strategic priorities in greater detail.
