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.
- 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- Innovation and scalability: we have legacy solutions that are outdated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.
- Increased competition
- New technology
- Increased costs