Published: July 12 2019
For the fifth installment of our case study series we look at how a retailer that interacts with insurers and customers across Canada, and offers products and services online, is positioning itself to take advantage of payments Modernization. The study details how the organization’s payment processes and store operations stand to benefit from data-rich payments as a result of migrating to ISO 20022, the emerging international standard for payments messaging.
Some highlights from the case study include:
- Potential cost and time savings from integrating more payment information with existing accounting and other primary software services, reducing manual reconciliation of payments with invoices;
- Opportunities to simplify insurance payment reconciliations with eventual straight-through processing as a result of ISO 20022 adoption, replacing the need for information to be emailed or accessed via a portal;
- Benefits of more payments information, such as knowing which stores are the source of payments, on store operations;
- Better outgoing and incoming payments tracking and overall monitoring of cash account balances, helping minimize cash shortfalls as a result of ISO 20022.
For more on the benefits of payments Modernization and, in particular, ISO 20022 to Canadian businesses, governments and other organizations, read our entire series of case studies.
Payments Modernization and ISO 20022
The Payments Canada and EY’s 2018 report “How can payments modernization benefit Canadian businesses? Evaluating the cost for payments processing” indicated that Canadian businesses spend more than $3 billion annually to initiate, process and receive payments. Adoption of ISO 20022 is anticipated to reduce these costs substantially. The ISO 20022 message standard will underpin all of Canada’s payment systems.
To learn more about Payments Canada's Modernization initiative visit: modernization.payments.ca