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.
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.
The Road to ISO 20022
- Payments Canada’s Board of Directors approves the ISO 20022 Strategy & Roadmap
- Payments Canada ISO 20022 messages for AFT, EDI and LVTS payments developed
- 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.