are changing

The payment landscape is changing, and so are the needs of Canadians. Payments Canada is working to modernize Canada’s payment systems.

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:

  1. Faster payment options
  2. Data-rich payments
  3. Transaction transparency
  4. Easier payments
  5. Cross-border convenience
  6. Activity-based oversight
  7. Open & risk-based access
  8. Platform for innovation

Learn more

Canada’s high-value payment system

Canada’s first national real-time payment system
Real-Time Rail (RTR)

The financial standard
ISO 20022 


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 annual Modernization Roadmap details the estimated timelines associated with key activities for each payment system within the Modernization program.