About Modernization

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

Data-rich payments

Transaction transparency

Easier payments

Cross-border convenience

Activity-based oversight

Open & risk-based access

Platform for innovation


Learn more about Lynx - Canada’s high-value payment system, the Real-Time Rail (RTR) - Canada’s first national real-time payment system (coming June 2023) and the ISO 20022 financial standard.

Modernization Roadmap

2021 Delivery Roadmap artworkThe 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.

Read the annual roadmap

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.