[News](https://www.payments.ca/insights/news-research?field_article_type=24) # Transforming Canadian Payments: Payments Canada’s 2016 Annual Report now available May 30, 2017 Payments Canada’s 2016 Annual Report, *[Transforming Canadian Payments](/sites/default/files/2022-07/paymentscanada_2016annualreport_en.pdf)*, is now available. The report provides an overview of the organization’s activities, and highlights our many significant achievements throughout the year. In 2016, Payments Canada cleared and settled transactions totaling close to $51 trillion, averaging over $201 billion each business day. Not only did the organization continue to operate a safe, secure and reliable payments system for all Canadians, it also made tremendous progress towards building the pillars of a modern payments system that will continue to meet the evolving needs of Canadians well into the future. The [Vision for the Canadian payment ecosystem](/sites/default/files/vision-canadian-payments-ecosystem-1.pdf), and later, the development of an [Industry Roadmap and High-Level Plan](/sites/default/files/2022-07/paymentscanada_2016roadmapwhitepaper_en.pdf) for achieving that vision, were finalized. [ISO 20022 AFT message standards](/payment-resources/iso-20022/automatic-funds-transfer) for use in Canada were also launched, and disaster recovery capabilities were strengthened. 2016 also marked the transition to a new name and visual identity, from the Canadian Payments Association to Payments Canada. The new brand signaled the organization’s growing connections and continued focus on modernizing Canada’s payment system. **Download the complete 2016 Annual Report, *Transforming Canadian Payments,* [here](/sites/default/files/2022-07/paymentscanada_2016annualreport_en.pdf).** [Return to newsroom](https://www.payments.ca/insights/news-research) ## Keep reading [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News October 1, 2026 ### Payments Canada welcomes six new members as expanded membership... Twenty-two new members have joined since 2025 regulatory changes — a necessary step for those seeking access to critical national payment infrastructure, including the forthcoming Real-Time Rail... ](https://www.payments.ca/payments-canada-welcomes-six-new-members-expanded-membership-eligibility-reaches-one-year-milestone)[Learn more](https://www.payments.ca/payments-canada-welcomes-six-new-members-expanded-membership-eligibility-reaches-one-year-milestone) [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News September 25, 2026 ### Payments Canada names Stephan Orzechowski as Vice President... Payments Canada is pleased to announce the appointment of Stephan Orzechowski as Vice President, Strategic Partnerships and Business Transformation. Stephan will lead strategic vendor partnerships... ](https://www.payments.ca/payments-canada-names-stephan-orzechowski-vice-president-strategic-partnerships-and-business)[Learn more](https://www.payments.ca/payments-canada-names-stephan-orzechowski-vice-president-strategic-partnerships-and-business) [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News July 27, 2026 ### ACSS rule changes enhance payment system processes Updates provide expanded definitions and process efficiency Payments Canada has implemented a series of administrative and operational amendments to the Automated Clearing Settlement System (ACSS)... ](https://www.payments.ca/acss-rule-changes-enhance-payment-system-processes)[Learn more](https://www.payments.ca/acss-rule-changes-enhance-payment-system-processes)