Canada to Modernise National payments infrastructure

Canada to Modernise National payments infrastructure
11.08.2015 01:00 am

Canada to Modernise National payments infrastructure

Payments

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."

Related News

Paysend calls for accelerated post-crisis FinTech innovation

UK-based FinTech firm Paysend has called for an industry-wide acceleration of innovation across FinTech and payments in response to the global coronavirus situation. Sweeping... Read more »

PPRO publishes its 2020 Payment Almanac

Today, PPRO, the leading local payments platform-as-a-service, launches its 2020 Payment Almanac in partnership with Edgar, Dunn & Company. The... Read more »

iPaytotal launches complete banking and payment solutions for high risk businesses

iPayTotal is very proud to introduce its Tier 3 Package to all clients, including but not limited to Company Registration, Registered/Virtual Office Address, Global IBAN/SWIFT... Read more »

Paymentology and Pie People partner to launch unique Shari’ah compliant Payment Solutions in the UK

Pie People have selected world leading payment processor innovator, Paymentology, to be their card processor. The leading edge Paymentology... Read more »

Most countries see growth in ATMs despite pressure from cashless payments

Payment cards and other cashless payment methods are reducing demand for cash, but many countries and sectors remain heavily cash dependent

Fall in... Read more »

TrueCommerce enters into strategic partnership with retail payments specialist

Leading retail technology business TrueCommerce has entered into a new strategic partnership with international... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel