21 August 2017
Find out more

Canada publishes multi-year roadmap for payments overhaul

08 December 2016  |  10367 views  |  0 toronto

Payments Canada has gone into public consultation on far-reaching plans for a throughgoing overhaul of the nation's payments architecture and legal underpinnings.

Like most industrialised nations in the developed world, Payments Canada has been doing the groundwork on efforts to prepare the country for a switch to real-time payments.

"Payment system modernisation is about making sure we are competitive as a nation in a global economy," says Gerry Gaetz , president and CEO of Payments Canada. "There are many things changing at a global level in payments - regulation, technology, new players, and opportunities for more payments data. We must make sure our payments infrastructure and standards are up to date."

The roadmap envisages the first enhancements coming into line in 2017, with the full revamp taking up to five years to complete. Gaetz says the overhaul will require "significant investment by key stakeholders in governments, the financial services industry and users of payment systems".

The association has already committed to the adoption of the ISO20022 message standard and extended remittance information to support the move away from paper-based invoicing and cheques, while a new core clearing and settlement system capable of meeting future technology developments - including distributed ledgers - will be implemented and operated by Payments Canada. The group intends to undertake the vendor selection process early next year.

The Industry Roadmap and High-Level Plan for Modernization is open for feedback until January 20, 2017.

Comments: (0)

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

Amex brings NFC mobile payments to Canada

Amex brings NFC mobile payments to Canada

30 November 2016  |  6232 views  |  0 comments | 8 tweets | 12 linkedin
Canadian telco-led NFC m-payments service suretap folds

Canadian telco-led NFC m-payments service suretap folds

18 July 2016  |  6521 views  |  5 comments | 9 tweets | 9 linkedin
Bank of Canada trials blockchain-based digital dollar

Bank of Canada trials blockchain-based digital dollar

16 June 2016  |  15395 views  |  3 comments | 33 tweets | 33 linkedin
Canada's Competition Bureau sets sights on fintech

Canada's Competition Bureau sets sights on fintech

20 May 2016  |  9244 views  |  0 comments | 16 tweets | 15 linkedin
Canadian banks sign on for Apple Pay

Canadian banks sign on for Apple Pay

10 May 2016  |  9676 views  |  0 comments | 15 tweets | 7 linkedin
Canadian Payments Association touts ISO20022 benefits

Canadian Payments Association touts ISO20022 benefits

07 March 2016  |  7441 views  |  0 comments | 11 tweets | 7 linkedin
RBC tests distributed ledger for remittances and loyalty programme

RBC tests distributed ledger for remittances and loyalty programme

26 February 2016  |  14079 views  |  0 comments | 20 tweets | 24 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.abe-eba.euvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10745 views comments | 24 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8969 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8899 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8624 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
8596 views comments | 19 tweets | 23 linkedin