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
Open & risk-based access
Platform for innovation
Read the Vision whitepaper or its companion reader
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.
Build a new core clearing and settlement system
Establish a real-time capability
Enhance automated funds transfer
Align with global regulatory standards
Modernize the rules framework