Modernization is a multi-year Payments Canada initiative to modernize the systems and rules that are essential to Canada’s payment ecosystem. Working with our financial institution members, regulators and stakeholder partners, we are transforming Canada's payment platforms to ensure Canada remains globally competitive in today’s digital economy.
In April of 2016, after consultations with more than 100 organizations within the Canadian and global payment ecosystem, a Vision for the Canadian payment ecosystem was established.
A modern payment system is fast, flexible and secure, promotes innovation and strengthens Canada's competitive position.
The Vision identified eight needs of a modern payment system:
Faster payment options
Open & risk-based access
Platform for innovation
The Modernization Roadmap captures our recent accomplishments and provides a view into the plans for the future for Canada’s payment systems. The Modernization Roadmap details the estimated timelines associated with key activities for each payment system within the Modernization program.
The modernization of Canada’s payment systems are informed by ongoing consultation with our member financial institutions, key stakeholders and regulators.
Modernization began in 2016
Payments Canada’s Modernization journey began with the development of the Vision for the Canadian Payment Ecosystem and the Modernization Target State. The Modernization Target State provided an in-depth view of the target end state for payment system modernization in Canada, including the infrastructure, rules and standards that will benefit Canadians and businesses.