Payments Canada pushes for innovation drive
The Canadian payments space needs to have more flexible and secure systems to promote innovation, according to a public consultation carried out by Payments Canada (formerly the Canadian Payments Association, CPA), the operator of the nation’s payment clearing and settlement system.
In its “Vision for the Canadian Payments Ecosystem” report, done in collaboration with more than 100 Canadian organisations, Payments Canada says “there was strong alignment in the marketplace for richer data and a faster, more flexible and secure system that promotes innovation and strengthens Canada’s competitive position”.
The report includes views from financial institutions, businesses, consumer groups and governments. Some key findings include:
- Need for encryption and security, to protect consumer and business payments data against cyberattacks.
- Desire for a balanced approach to system access, which would support the needs of many market players.
- Need for extended hours of operation for systems to better support west-coast businesses and financial institutions.
Payments Canada says the feedback will be factored into its modernisation initiative, which involves modernising the country’s payments systems, rules and standards to support the evolving needs and expectations of participants.
Payments Canada will be working with the industry to develop a roadmap for this “vision”. A number of working groups have been established under the guidance of the Member Advisory Council and Stakeholder Advisory Council to support Payments Canada in this work.
For more information, the full 64-page whitepaper can be found here.
Payments Canada has already made a key modernisation stride by adopting the ISO 20022 standard.