Payments Modernization Gains Momentum in Canada

Posted on Nov 25, 2019 by Tracey Black, Executive Director, Payments Canada

Payments Modernization is progressing on a global scale, addressing consumer and business needs for greater speed, flexibility and security. Moreover, the entire payments landscape is evolving. The introduction of new technologies and capabilities, the presence of new participants in market and evolving end-user expectations are all driving unprecedented change in payments.

In Canada, our own payments Modernization journey is gaining significant traction. It’s a complex initiative that involves the replacement of our high-value payments system (including the introduction of a new risk model), the introduction of a central exchange to support retail batch payments, and the design and implementation of a new real-time payments system.

This extensive program will transform not only the clearing and settlement systems of Payments Canada, but also the payment systems and processes of our member organizations. At the end of our journey, all payments systems will ... Read more in the CBPN Members' Library with your annual subscription

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