# Modernization # Payments # 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](/sites/default/files/paymentscanada_visiondocument_en.pdf) 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 [Lynx](/node/157) Canada’s first national real-time payment system [Real-Time Rail (RTR)](/node/158) The financial standard [ISO 20022](/node/178) 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](https://www.payments.ca/insights/corporate-reports) details the estimated timelines associated with key activities for each payment system within the Modernization program. [ ![Cover image from report](/sites/default/files/styles/card_image_small/public/2022-12/2022_DeliveryRoadmap_CoverPhoto.png?h=05130931&itok=hBpaDbGW) ### 2022 Update The 2022 Delivery Roadmap captures our recent accomplishments and provides a view into the plans for the future of Canada’s payment systems. 2022 Delivery Roadmap ](/sites/default/files/PaymentsCanada_2022_DeliveryRoadmapUpdate_En.pdf) [ ![2021 roadmap cover image](/sites/default/files/styles/card_image_small/public/2022-08/2021_Roadmap.png?h=d1cb525d&itok=sWUYTqDY) ### Modernization Roadmap The Modernization Roadmap captures our recent accomplishments and provides a view into the plans for the future for Canada’s payment systems. Read the annual roadmap ](/sites/default/files/2022-07/paymentscanada_2021deliveryroadmapupdate_en.pdf) [ ![Vision cover photo](/sites/default/files/styles/card_image_small/public/2022-08/2016_Vision%20-%20Companion%20Reader_CoverPhoto.png?h=d1cb525d&itok=Tv6bGwIv) ### Modernizing Canadian Payments companion reader Summary of the vision for the Canadian Payment ecosystem. Read the companion reader ](/sites/default/files/paymentscanada_visiondocument_en.pdf) [ ![placeholder.png](/sites/default/files/styles/card_image_small/public/placeholder.png?h=5dafd208&itok=tfPAcwN_) ### Developing a Vision for the Canadian Payment Ecosystem A modern payment system is fast, flexible and secure, promotes innovation and strengthens Canada’s competitive position. Read the whitepaper ](/sites/default/files/vision-canadian-payments-ecosystem.pdf) [ ![Target state cover photo](/sites/default/files/styles/card_image_small/public/2022-08/2017_TargetState_CoverPhoto.png?h=d1cb525d&itok=NjbJbhlq) ### Modernization Target State companion reader Summary of the key requirements, conceptual end state, integrated work plan and benefits of the Modernization Program Read the companion reader ](/sites/default/files/modernization_target_state_companion_reader_en.pdf) [ ![Payments Canada thumbnail image](/sites/default/files/styles/card_image_small/public/2022-07/ArticleGraphic1_373x172.png?h=f8c80b6a&itok=Dp-Mjq3g) ### Modernization Target State The Modernization Target State provides a detailed view of the program, including descriptions of the planned modernized systems and their fundamental support structures, such as risk and regulatory... Read the whitepaper ](/sites/default/files/modernization_target_state_en.pdf)