17 January 2018
visit www.avoka.com

Canada to overhaul national payments infrastructure

11 August 2015  |  9874 views  |  2 web programming

The Canadian Payments Association has hired global consulting firm McKinsey to draw up plans to modernise the nation's core payments infrastructure.

McKinsey will conduct stakeholder interviews and prepare a fact-based analysis to support the multi-year project to renew the CPA's payments clearing and settlement infrastructure.

"By mid-2016, our goal is to identify user needs and priorities, as well as likely go-forward requirements, and to understand the implications of change," says the body.

Key to the upgrade will be the development of a real-time payments system, in support of which the CPA - in conjunction with other national payments bodies - has released a public consultation document seeking input on the introduction of the ISO 20022 standard as a bedrock.

Gerry Gaetz, president and CEO of the CPA says a global payments messaging standard that supports the evolving demands of users will form an integral part of the modernisation of the country's futures payments infrastructure.

"The two initiatives launched today are critical steps in the plan to modernise Canada's payments system," he says. "While Canadians today enjoy and benefit from a safe and sound financial system, changing user needs, along with new technological and regulatory drivers, are exerting pressure on the payments system. In this environment, it is essential that the CPA evolve to support the expectations of Canadians in the digital age."

Comments: (2)

John Candido
John Candido - Black Cabs - Melbourne | 12 August, 2015, 06:01

This is a sensible move by the Canadian Payments Association. Australia will complete its instantaneous, mobile, 24/7 'New Payments Platform' or 'NPP' at the end of 2017. As an Australian consumer I am looking forward to the day that I can transact with any other person, business or level of government, 24/7, without worring about when my bank branch is going to close or being tied to stodgy cash transactions. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Bo Harald
Bo Harald - ZEF, Transmeri, Demos, Real Time Economy Program - Helsinki Region | 18 August, 2015, 08:14

This will surely integrate e-invoicing - to support e-accounting with bank statements. And naturally also reuse bank e-id for public sector services - if not already in place..

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

First draft standard on ISO 20022 for real-time payments published

First draft standard on ISO 20022 for real-time payments published

10 August 2015  |  17716 views  |  6 comments | 45 tweets | 38 linkedin
Canadian telcos launch mobile wallet

Canadian telcos launch mobile wallet

23 June 2015  |  6941 views  |  1 comments | 14 tweets | 8 linkedin
Canadian senate committee urges 'light touch' Bitcoin regulation

Canadian senate committee urges 'light touch' Bitcoin regulation

19 June 2015  |  25127 views  |  0 comments | 8 tweets | 8 linkedin
Canada updates card code of conduct to include m-payments

Canada updates card code of conduct to include m-payments

16 April 2015  |  5880 views  |  1 comments | 9 tweets | 6 linkedin
Swift Business Forum, Canada - live blog

Swift Business Forum, Canada - live blog

14 April 2015  |  5306 views  |  0 comments | 1 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.fivedegrees.nlvisit www.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11753 views comments | 16 tweets | 17 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
9907 views comments | 32 tweets | 35 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9678 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9384 views comments | 17 tweets | 13 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9260 views comments | 14 tweets | 16 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job