The Canadian Payments Association today launched a national consultation on its draft Long-Term Payments Strategy: Vision 2020, an effort to prepare Canada's national payments framework for the changing nature of payments.
The consultation process is founded in broad and sound research regarding payments and payment systems both domestically and internationally.
Canada's payment system is central to our country's financial system. The proposed long-term payment strategy is a reflection of the user demands in terms of payment services in Canada and around the world. Retailers want faster and more cost-effective payments. Consumers continue to demand more convenience and broader payment options. Billers want an easier and faster way of compiling the information required with payments to enable straight-through processing. As more companies do business overseas, the CPA also seeks to enable regional interoperability of payments systems.
The CPA's proposed strategy is to provide a common foundation to enable its members to competitively deliver modern payments services and offerings to Canadians and it is supported by four main pillars:
- Facilitating Electronic Payments
- Promoting Domestic and International Interoperability Standards to make payments more efficient;
- Modernizing the CPA's regulatory framework to reflect new market and business realities; and
- Offering new value-added services to CPA members and all users of Canada's payment system
"These are just some of the issues at the heart of the CPA's new consultation process and Long Term Payment Strategy," said president and CEO Guy Legault, "The CPA's Payments Strategy will continue to evolve over time, based on the input of the users of our systems. I encourage all stakeholders to participate in our consultation process and to take part in building a renewed payments system for Canada."
As the strategy will set the direction for the association, it will be put through a rigorous public consultation process. This process for CPA members, stakeholders and the public is set to begin later this month and will include webinars, written consultation, and five "town-hall" sessions across Canada.
The CPA believes this research and feedback will strengthen the strategy and will lay the solid foundation for efficient, safe and sound clearing and settlement systems, which balances the interests of all its users for years to come.