Still others think of it as a complete foundational overhaul. Through this overhaul, you can do new and wonderful things in your house and truly transform your living experience. Think of new plumbing, heating, and sewage systems throughout your whole house, this would change the foundation of your home.
Well, payments modernization in Canada has started and the digital vision presented by Payments Canada is all of the above! Payments Canada envisions, “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.”
There are many components of Payments Canada’s Modernization program, including:
• Introducing a new real-time payments system called the Real-Time Rail;a new, 24/7/365 system that will facilitate the real-time delivery of payments in a matter of seconds.
• Introducing rich payment data (via ISO 20022) into all payments systems allowing for:
– Ability for sender to include a wide-rangeof messages along with payments enhancing payment clarity
– Enables straight-through processing of payment
– Supports greater efficiency by reducing need for manual inquiry about payment details – saving effort and costs
• Modernizing Canada’s AFT (Batch Rail) and Large Value Transfer (LVTS – Wires) Systems