Payments Canada is working with Accenture on the overhaul of Canada’s payments ecosystem. In December, it released plans to change the infrastructure and rules that underpin financial transactions in the country, including enhancements to existing systems to speed up transactions, as well as the implementation of a faster payments capability, a new core clearing and settlement system, and the introduction of the global messaging standard ISO 20022, which will facilitate the transition from paper-based invoicing and cheques to digital processing for these functions. Accenture will be engaged in this work over the next three to four years while helping to establish a project management office that will support financial institution participants throughout the transition.

Gerry Gaetz, President & CEO at Payments Canada, says: “This is important work that will put Canada on the leading edge of payments, and a strong, dynamic and global team is key to our success. Together, we will work with financial institutions and key stakeholders to transform the payments system for the benefit of all Canadians.”

 

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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