ISO 20022

Creating new opportunities in Canadian payments

Payments Canada is paving the way for innovation within Canada’s payments system through the launch of ISO 20022: an international payments messaging standard that supports electronic payments. The transition to ISO 20022, which is being adopted by a growing number of market infrastructures around the globe, will support domestic commerce and strengthen Canada’s competitiveness as a trading nation. It will also create new opportunities for every financial institution, payment service provider and business in Canada.

The adoption of ISO 20022 is a key component, and positive first step, in our strategic plan to modernize Canada's core national clearing and settlement framework and infrastructure. The goal: to create a modern payment system that is fast, flexible and secure, promotes innovation and strengthens Canada’s competitive position.

To learn more about ISO 20022, and why we’re so excited to bring the Standard to Canada, visit our FAQs and endorsement page.

Questions, comments and requests for ISO 20022 related support can be directed to ISO20022@payments.ca. Financial Institutions looking for resources or services to support their adoption of the standard should visit the Payments Canada ISO 20022 Resource Centre.https://www.cdnpay.ca/imis15/images/strategy/Resource-Centre-Ad.png

The Road to ISO 20022

2013

  • Payments Canada’s Board of Directors approves the ISO 20022 Strategy & Roadmap

2014

  • Payments Canada ISO 20022 messages for AFT, EDI and LVTS payments developed 

2015

  • Published research on the economic benefits of ISO 20022.
  • Policy Positions developed and refined through public consultation.  
  • Strategy for adopting ISO 20022 in Canada developed and refined through public consultation.  
  • ISO 20022 policy proposals, adoption strategy and messages socialized prior to Public Consultation. 24 targeted sessions were conducted with approx. 200 participants. 
  • Public consultation conducted on ISO 20022 policy proposals, adoption strategy and messages for use in Canada yields 12 formal responses, 2 of which represented a combined total of 129 organizations.
  • Survey of Canadian Corporates on their current and future use of ISO 20022 receives 67 responses from a broad range of industries and corporate sizes.

2016