Modernization Target State

Payments Canada’s Modernization journey began in 2015 and is being documented through a series of industry publications including the Vision for the Canadian Payments Ecosystem, the Industry Roadmap and High-Level Plan and the Modernization Target State.

The Vision identified the needs in the Canadian marketplace and the Industry Roadmap outlined, at a high level, what the industry needed to do to begin to deliver on those needs. The Modernization Target State provides a more detailed view view of the target end state for payment system modernization in Canada, including the infrastructure, rules and standards that will benefit Canadians and businesses from coast-to-coast.

The Target State Companion Reader highlights what Canadians can expect from Modernization, and how Payments Canada is delivering on its vision of a fast, flexible and secure payment system that is efficient, convenient and interoperable—one that will promote innovation and strengthen Canada’s competitive position.

Future view of Canada’s modernized payment system

Modernized core payment systems
Three core payment systems that will coexist and complement one another to serve their intended purpose, providing a richer set of viable payment options to meet the needs of Canadians. 

Support structures around systems to foster competition and innovation, without compromising safety and soundness
Such as risk and regulatory requirements, access and settlement models, and technology platforms.

Broad spectrum of benefits for all Canadians - consumers, businesses, government and more
From faster, more convenient and data-rich payments to ease across borders and transparency in transaction tracking.