The first step in the Modernization initiative was to conduct in-depth research and consult with a broad range of users and stakeholders in development of a Vision for the Canadian Payments Ecosystem
The findings of the Vision incorporate input from more than 100 organizations and set the context for Modernization, defining the user needs and desired features that should be addressed by a modernized payments system. The Companion Reader to the Vision provides a concise analysis of the findings.
What Canadians need and expect from payments
FAST PAYMENT OPTIONS
A modern system should make near real-time payments available in all cases where it is beneficial.
In Canada, ISO 20022 is being pursued as the global message standard to provide expanded and standardized information with each payment.
Notifications to payor and payees should provide updates on the status of payments.
Payments should be possible with just an e-mail address, telephone number or even social media handle.
Rules and regulations should focus on services provided, instead of the type of instution that provides them.
OPEN AND RISK-BASED ACCESS
Foster competition and innovation, and clearly define requirements for payment system access - without compromising security.
A PLATFORM FOR INNOVATION
The payments system should be flexible and adaptable, providing a platform for innovation, decreasing costs and delivering ongoing efficiencies to payors and payees.
Consumers and businesses should have access to practical and convenient methods to make payments to those in other countries.