What We Do

The Canadian economy depends on the exchange of billions of dollars each day. Payments Canada is responsible for the clearing and settlement infrastructure, processes and rules essential to those transactions.

We are delegated by the Canadian Government to support a vibrant economy by helping to meet the payment needs of consumers and business, and empowering a new era of modern payments.

We're headquartered in Ottawa with approximately 230 full-time staff and operate under a board of directors. We are a public purpose, non-profit organization fully funded by the financial institutions that participate in our systems.

Essential Payments Infrastructure

We provide Canada’s national payments systems. Our Large Value System lets financial institutions and their customers send large payments securely, and our Retail System is where the vast majority of day-to-day Canadian commerce is cleared by our financial institutions. The value of payments cleared by Payments Canada’s systems in 2019 was approximately $55 trillion or $218 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. 

All Our Systems

Connecting a Fluid and Vibrant Economy

The less Canadians notice payments the better, but they must always remain safe and secure. That’s why we collaborate with stakeholders across the payments ecosystem to create the necessary balance of rules and standards, with efficient infrastructure to achieve optimized, low-friction value flow. 

How We Collaborate Corporate Plan

Meeting the Needs of Canadians

We have a long history of providing the payments infrastructure that has allowed Canadians, their businesses and their institutions to exchange value. But the world is changing fast, and so are payments. New technology is transforming the way we pay. And we are working to provide a platform that allows those in the payments ecosystem to innovate and provide Canadians with convenient, safe, and efficient payment options.

Who We Work WithModernization

 

What's Clearing and Settlement?

Every day, Canadian consumers, businesses and governments use a variety of “payment items” to purchase goods and services, make financial investments and transfer funds from one person to another. Many of these transactions involve customers from two different financial institutions. Clearing and settlement is how financial institutions exchange payments amongst themselves, calculate how much is owed to each other as a result, and transfer funds to settle those balances.