Canadian business community leaders and Financial Institutions endorse ISO 20022 adoption.
"ADP, a multi-national corporation, looks forward to using a single, global standard for the exchange of payments. What this means is that with ISO 20022, we will all be speaking the same payments language across the global economy. Furthermore, the enhanced remittance detail has been key to automating processes in our ERP based financial systems which has also been a great benefit." - Bill Piggot, VP International Money Movement, ADP Canada Co.
Bank of America Merrill Lynch
"Bank of America Merrill Lynch is pleased to have been an active member of Payments Canada’s ISO 20022 workgroup and this milestone is an important step forward in the evolution of the payment landscape in Canada. The opportunity to deliver critical payment information across the clearing channels as well as facilitating interoperability across banking jurisdictions are significant achievements for Canadian banking." - Maureen Jarvis, Managing Director and Head of Corporate Global Transaction Services Canada, Bank of America Merrill Lynch
“ISO 20022 requiring a combination of mandated and optional data during transmissions will have beneficial effects in initializing, receiving and reconciling electronic payments. This will lead to overall cost effectiveness and efficiency in the long run. It will also facilitate both domestic and cross border transactions with the help of standardized terminologies, formatting methods, message conversions for better data integrity.” - Jyoti Kamat, Associate Treasurer at BlackBerry Limited.
Canadian Western Bank
“We recognize the potential benefits to our customers of adopting ISO 20022 and continue to support a global standard for the exchange of payments.” - Andrew Irvine, Head of Commercial Banking and BMO Partnerships, BMO Financial Group.
"Payments Canada moving to a standard ISO format brings Canadian payments into the global best practices." -Debra Hinds, Administration & Control and Global Cash Management, Director, Bombardier
Canadian Bankers Association
"The ISO 20022 message set is becoming the international standard for payments and is being promoted as part of Canada’s payments modernization strategy. The banking industry agrees that consistency with this new standard should help drive adoption of electronic payments and improve cross-border payment processing."
“Using one set of payment message definitions instead of several will save businesses time and money. We fully support this move, and we look forward to ongoing collaboration with Payments Canada, financial institutions and other stakeholders as payment system modernization continues.”
"As an early adopter, Cargill has realized many benefits from using ISO20022 XML for payment processing globally. We look forward to the adoption in Canada of this ISO standard for payments." -Sundeep Singh, Bank Technology Consultant
“CIBC supports the modernization of Canada's payment system. We have been working closely with Payments Canada over the past several years to bring ISO 20022 standards to fruition for Canada. Enhanced remittance information will help our clients manage their payments flows more effectively. CIBC looks forward to working with our clients to transition from the current CPA AFT standard to the new ISO AFT ISO standard.”
“As the leading global bank, Citi does business in more than 160 countries and jurisdictions and has seen the benefits of ISO 20022 in many regions in which we operate,” said John Landry, Head of Citi’s Treasury and Trade Solutions business in Canada. “Citi was a founding member of this initiative and our first client went live May 2008 in Mexico. Since then more than 500 of Citi’s clients are using this standard processing over 50 million transactions annually. We believe payments system modernization is important and support corporate Canada’s move towards simplification, efficiency and automation.”
"As a global leader in payments innovation, D+H recognizes and supports the value of ISO 20022 messaging as the emerging global standard that will enable payment system modernization. We are excited to help pave the way for its adoption in Canada." - Sue Hutchison, Group Lead, Treasury, D+H
"Desjardins considers that the Canadian Payment System must come on-board to maintain its competitiveness in a global scale economy and will support industry-wide initiatives aiming in that direction. Our corporate and business clients can already experience the benefits of an international standardized approach such as ISO 20022 resulting in more effective payment and business processes."
Great West Life
"Great-West Life understands the benefit that ISO 20022 will bring to the insurance industry and other sectors in the Canadian economy. The opportunity for greater remittance information with electronic payments will reduce the use of costly and less efficient paper-based alternatives." - Keith MacLennan, Director, Treasury, The Great-West Life Assurance Company
"Peoples Group, a leader in innovative payment products in Canada, fully endorses Payments Canada in its market-driven approach to implementing ISO20022. Adopting this global messaging standard will leapfrog Canada to the forefront of the payment industry and strengthen our competitive edge in the international payment landscape. We support the modernization of Canada’s payment infrastructure. Going forward, this will enable the innovative players to introduce more compelling payment products into specific markets that address real business and consumer needs."
"We’ve seen the benefits that ISO 20022 has provided in other countries by offering data enrichment, easier reconciliation and more straight through processing for businesses. We are supporting of this initiative and the competitive advantage it will provide to Canadian businesses." - Mary Ellen Brown, VP Business Deposits & Treasury Solutions, RBC.
“At Scotiabank, we are always trying to find ways to make it easier for our customers to do business with us. We are supportive of initiatives that create efficiencies for our customers and help them grow their businesses. That is why we are evaluating the benefits of ISO 20022 and considering adoption."
“We are supportive of ISO 20022. The standard will increase global interoperability and should benefit our customers by driving improved efficiency.” - Christine Hunter, Vice President, TD Payments Infrastructure.