Payments Modernization

WHAT CUs NEED TO KNOW

Payments Canada is developing a modern payments system that will provide new opportunities to simplify and enhance Canadians’ daily payment interactions and help secure and strengthen Canada’s competitive position as a global leader in financial services.

Why modernize?

  • Consumer expectations are changing: people want to pay and move money faster and with more certainty
  • Rising costs of inefficiencies in payments processing: cost businesses between $2.9-6.5 billion per year
  • Innovation and scalability: we have legacy solutions that are outdated
  • Heavy reliance on cheques: they are expensive (average cost is $15)

The multi-year roadmap

How you can prepare

Checklist for CUs

  • Review the roadmap document to understand timelines and priorities.
  • Assign resources within your organization to be responsible for modernization work.
  • Develop a payments strategy.
  • Work with banking host to ensure you will be ISO 20022 ready.

CU implications

  • Increased competition
  • New technology
  • Increased costs