August 10, 2015
OTTAWA, August 10, 2015 - The Canadian Payments Association (CPA) announced today two key initiatives to support its multi-year project to modernize Canada's core payments infrastructure. The CPA has begun a process to create a shared industry vision for the future of payments and at the same time is launching a public consultation on the introduction of a new global payments messaging standard.
As an important step towards the modernization of the core national payments system, the CPA, in consultation with members and stakeholders, will develop a shared vision for the future of the Canadian payments ecosystem. This will ensure that the CPA can anticipate the industry and society's changing needs and position itself to enable innovative products and services.
The CPA has retained a global consulting firm, McKinsey & Company, to conduct stakeholder interviews and prepare a fact-based analysis to support this visioning exercise.
The CPA released today a public consultation document, iso20022-consultation-summary.pdf seeking input on the introduction of the ISO 20022 standard, which, when implemented, will enable efficiencies and facilitate innovation in the payments industry in Canada. A global payments messaging standard that supports the evolving demands of users will form an integral part of the modernization of the CPA's payments infrastructure.
"The two initiatives launched today are critical steps in the plan to modernize Canada's payments system" said Gerry Gaetz, President and CEO of the CPA. "While Canadians today enjoy and benefit from a safe and sound financial system, changing user needs, along with new technological and regulatory drivers, are exerting pressure on the payments system. In this environment, it is essential that the CPA evolve to support the expectations of Canadians in the digital age".
More information about the modernization project is available at www.payments.ca
About the Canadian Payments Association:
The CPA underpins the Canadian financial system and economy by providing safe, efficient and effective clearing and settlement of payments, which totaled $44.9 trillion in 2014, or $178 billion every business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made via debit cards, pre-authorized debits, direct deposits, bill payments, wire payments or cheques. The CPA's Large Value Transfer System (LVTS) is designated by the Bank of Canada as a systemically important payment system.