Modernization


Payments Drive our Economy

The value of payments cleared and settled by Payments Canada in 2015 was nearly $50 trillion.

That's $197 billion every business day.
Or, $3 million every second.

 

Payments are Changing

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


Cash in Decline

Canadians have been quick to embrace new technology and digital payments.

Cash use has decreased by 20% since 2011 and is predicted to continue along this trend.


Modernization is a multi-year Payments Canada initiative to modernize the systems and rules that are essential to Canada's payments ecosystem.


Modernization began in mid-2015

Consultations with more than 100 organizations within the Canadian and global payments ecosystem.


In April of 2016 a Vision for Canadian payments was established:

A modern payments system is fast, flexible and secure, promotes innovation and strengthens Canada's competitive position.


The Vision identified eight needs of a modern payments system

Faster payment options

Data-rich payments

Transaction transparency

Easier payments

Cross-border convenience

Activity-based oversight

Open & risk-based access

Platform for innovation


Read the Vision whitepaper or its companion reader


ISO 20022

Also in April 2016, ISO 20022 launched in Canada. ISO 20022 is global standard for electronic data interchange between financial institutions.

Research showed that Canadians could save up to $4.5 billion over five years through reduced cheque use thanks to ISO 20022. And that's just the tip of the iceberg.



The Roadmap Pillars

In November 2016 a roadmap for advancing the Vision was established around five initiatives.

  1. Build a new core clearing and settlement system

  2. Establish a real-time capability

  3. Enhance automated funds transfer

  4. Align with global regulatory standards

  5. Modernize the rules framework


Read the roadmap whitepaper or its companion reader